Last weekend Bitcoin broke above 58k which was the top for February and made a new all time high. However, the bulls faced a set back as Bitcoin slipped back below 58k. However, Bitcoin resiliently stayed above 58k on Friday while Nasdaq had its worse day in two weeks. This is quite important since Bitcoin has had a positive correlation with Nasdaq and Tesla. This distinguishes Bitcoin as digital asset ("digital gold") and dissociating it from the more speculative assets. Today (21 March) Bitcoin has been below 58k again however, it is recovering and is building a base here on the candle chart.
Furthermore, Bitcoin has formed a rising channel (the two parallel lines on the chart) which further supports a move higher from here.
Taken together, Bitcoin seems ready to test the 60k and if it can hold a couple of days above 60k then in all likelihood it will exceed this month's high and reach a new all time high. And obviously, Bitcoin's move will influence other cryptos that are positively correlated with it.
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Furthermore, Bitcoin has formed a rising channel (the two parallel lines on the chart) which further supports a move higher from here.
Taken together, Bitcoin seems ready to test the 60k and if it can hold a couple of days above 60k then in all likelihood it will exceed this month's high and reach a new all time high. And obviously, Bitcoin's move will influence other cryptos that are positively correlated with it.
Subscribe to be the first to get my future posts and updates.