Bitcoin Price in Recovery Mode, Faces Resistance
Bitcoin still trades in the recovery mode Wednesdays supported by some positive development in the digital currencies trading space as traders brushed off concerns about rising U.S. interest rates.
On Wednesday from glimpse from trading charts, Bitcoin stay cool a little below $57.5K as Ethereum continues to stealing the show.
After gaining more than 8.4%, the crypto market capitalisation printed at $2.39 trillion with Bitcoin accounting for largest chunk at $1.073 trillion, data on CoinMarketCap shows. .
Relative price indicators showed that the two leading crypto assets have moved in the same direction simultaneously, which traders consider to be pretty for managing crypto portfolio.
Ether (ETH), the second-largest cryptocurrency, bounced back from Tuesday’s sell-off, pushing toward the all-time high of around $3,500.
Both Bitcoin and Ethereum have gained 6% on the average at the press time.
Rising treasury interest rates in the United States had rattled cryptocurrency markets a day earlier while the market experience some prices retreat before it started to re-consolidate.
The rebound in the digital coin came as U.S. stocks gained on strong economic data and after U.S. Treasury Secretary Janet Yellen backtracked on her warning about the eventual end of loose monetary policy.
Bitcoin, the largest cryptocurrency, often trades in sync with traditional markets because it’s increasingly viewed by big institutional investors as a hedge against future inflation.
Yellen had to clarify her comments and basically retracted everything, analysts explained while some described Yellen’s comments as a mere side note in financial media.
Price charts show Bitcoin faces resistance at $58K
Bitcoin is approaching initial resistance at around $58,000, a level where traders have taken profits during the past few months. The cryptocurrency is recovering from the mid-April sell-off, although technical analysts remain cautious.
Short-term overbought conditions have returned below resistance of $62,000-$65,000, which presents a near-term hurdle,” Katie Stockton of Fairlead Strategies wrote.
Bitcoin Recovery Stalls as Transaction Fee Hits All-time High
Bitcoin Price in Recovery Mode, Faces Resistance
