{"id":195841,"date":"2021-03-06T18:31:35","date_gmt":"2021-03-06T15:31:35","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-traders-worry-as-btc-price-remains-pinned-below-50k\/"},"modified":"2021-03-06T18:31:35","modified_gmt":"2021-03-06T15:31:35","slug":"bitcoin-traders-worry-as-btc-price-remains-pinned-below-50k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-traders-worry-as-btc-price-remains-pinned-below-50k\/","title":{"rendered":"# Bitcoin traders worry as BTC price remains pinned below $50K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3796ed591aa\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3796ed591aa\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-traders-worry-as-btc-price-remains-pinned-below-50k\/#Macroeconomic_headwinds_for_Bitcoin\" >Macroeconomic headwinds for Bitcoin<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin traders worry as BTC price remains pinned below $50K <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The price of Bitcoin (BTC) has failed to break above the psychological $50,000 resistance going into the weekend and has dropped below the $48,000 level on March 6.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/acab06a0-90e8-4090-9a8a-a59ed23cb014.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: Tradingview<\/em><\/figcaption><\/figure>\n<p>Now traders are watching whether BTC\/USD can break above the $50,000 level to resume the bull cycle. Conversely, a drop below the recent lows below $46,000 will likely open the door to new lower lows, which may then pose a threat to the bull run that has been in place for almost a year, at least in the short to medium term.\u00a0<\/p>\n<p>Pseudonymous trader <em>Rekt Capital<\/em>\u00a0pointed out similar price levels to watch. If BTC fails to hold the current levels above $46,000, the trader expects Bitcoin to bottom somewhere in the area between $38,000 and $45,000 despite Bitcoin posting higher lows in recent days.\u00a0<\/p>\n<p>&#8220;BTC higher lows hold until they don&#8217;t,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1368197409185165312?s=20\">wrote<\/a>. &#8220;Each subsequent reaction from the January HL was lesser and lesser. Could be the same now. Better to be safe than sorry by preparing for a potential breakdown from this HL.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> Higher Lows hold<\/p>\n<p>Until they don&#8217;t<\/p>\n<p>Each subsequent reaction from the January HL was lesser &amp; lesser<\/p>\n<p>Could be the same now<\/p>\n<p>Better to be safe than sorry by preparing for a potential breakdown from this HL<\/p>\n<p>And should this breakdown occur &#8211; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> will bottom on this retrace <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/VUzgXbVkCX\">pic.twitter.com\/VUzgXbVkCX<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1368197409185165312?ref_src=twsrc%5Etfw\">March 6, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>One major factor that&#8217;s likely causing the current downward pressure on price is an uptick in whales&#8217; activity. Data from CryptoQuant shows an increase in large transactions to exchanges on March 6, though miners&#8217; activity remains relatively low.\u00a0<\/p>\n<p>As shown in the chart below, previous upticks in whales moving funds to exchange coincided with drops in Bitcoin price on March 3-4.\u00a0\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/e7156a89-877b-40cf-96a6-452f3870bac7.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Whales (blue) vs. Miners (orange) vs. BTC price (red). Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Macroeconomic_headwinds_for_Bitcoin\"><\/span>Macroeconomic headwinds for Bitcoin<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph reported, Bitcoin is also facing downward pressure from macroeconomic headwinds.\u00a0A sharp spike in 10-year U.S. Treasury yields and a pullback in tech stocks, in particular, are weighing on cryptocurrency prices as investors flee risk-on assets.<\/p>\n<p>Meanwhile, the Dollar currency index, or DXY, has broken through technical resistance, hitting the highest levels since November 2020.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/55dd97a2-2e1e-48b7-80f5-2fa6b433f735.png\"><figcaption style=\"text-align: center;\"><em>BTC (blue) vs. DXY (orange). Source: Tradingview<\/em><\/figcaption><\/figure>\n<p>Cointelegraph Markets analyst Michael van de Poppe points out that Bitcoin&#8217;s downtrend remains intact after the latest attempt to break $50,000 failed.\u00a0<\/p>\n<p>&#8220;This means that the trend is still down and overall weakness on the markets in the short term,&#8221; he explained.\u00a0&#8220;$50,000 is so far a no-go for Bitcoin.&#8221;<\/p>\n<p>However, Bitcoin, as well as gold, may see some respite soon as the DXY and Treasury yields are nearing their own technical resistance levels.\u00a0\u00a0<\/p>\n<p>&#8220;I believe that the yields are getting topped out relatively soon including the DXY,&#8221; explained van de Poppe. &#8220;Both are in resistance areas, which means that we should be close to a top formation on these two, but also on a bottom formation for Bitcoin and gold relatively soon.&#8221;<\/p>\n<p>He added:\u00a0<\/p>\n<blockquote><p>March is often a bad month for markets and history repeats itself. So macro-wise, we&#8217;re still bullish on the cycle and heating up for continuation, despite the recent interest in yields.&#8221;<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/this-is-not-good-says-bitcoin-trader-as-btc-price-remains-pinned-below-50k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin traders worry as BTC price remains pinned below $50K &#8221; The price of Bitcoin (BTC) has failed to break above the psychological $50,000 resistance going into the weekend and has dropped below the $48,000 level on March 6.\u00a0 BTC\/USD 1-hour candle chart (Bitstamp). Source: Tradingview Now traders are watching whether BTC\/USD can break&#8230;<\/p>\n","protected":false},"author":1,"featured_media":195842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvN2U1YmUzMDYtZTQxYy00M2I1LWI1MTEtY2NkMTZhODgwYzkwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,75150,74336,73785],"class_list":["post-195841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-update","tag-bonds","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/195841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=195841"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/195841\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/195842"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=195841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=195841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=195841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}