{"id":198871,"date":"2021-03-10T21:34:18","date_gmt":"2021-03-10T18:34:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-bulls-stampede-toward-60000-after-a-key-btc-resistance-is-broken\/"},"modified":"2021-03-10T21:34:18","modified_gmt":"2021-03-10T18:34:18","slug":"bitcoin-bulls-stampede-toward-60000-after-a-key-btc-resistance-is-broken","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-bulls-stampede-toward-60000-after-a-key-btc-resistance-is-broken\/","title":{"rendered":"# Bitcoin bulls stampede toward $60,000 after a key BTC resistance is broken"},"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-6a4140f21202a\" 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-6a4140f21202a\" 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-bulls-stampede-toward-60000-after-a-key-btc-resistance-is-broken\/#Bitcoin_ignores_the_economic_concerns_weighing_on_stocks\" >Bitcoin ignores the economic concerns weighing on stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-bulls-stampede-toward-60000-after-a-key-btc-resistance-is-broken\/#Altcoins_follow_Bitcoins_breakout\" >Altcoins follow Bitcoin&#8217;s breakout<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin bulls stampede toward $60,000 after a key BTC resistance is broken <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Within the last hour, Bitcoin (BTC) price surged to $57,100, a level not seen since Feb. 20 when BTC price made a new all-time high at $58,352. The bullish breakout signals that investor sentiment has shifted back in favor of bulls and it increases the likelihood that BTC will attempt a run at the $60,000 level.<\/p>\n<p>Data from Cointelegraph Markets and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a> shows that Bitcoin bounced off a low of $52,998 in the early morning hours and proceeded to rally 6.5% above the $57,000 level. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/5000c8c0-e2f5-47aa-b707-30c90dd89a21.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Today&#8217;s upside move was preceded by <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> that Digital Currency Group\u00a0intends to buy up to $250 million shares of the Grayscale Bitcoin Trust (GBTC). The purchase comes at an interesting time, considering that on March 8 GBTC shares traded at a 15% discount to Bitcoin&#8217;s spot price on major exchanges.<\/p>\n<p>While institutional investors may be able to take credit for the current move, overall interest in Bitcoin is also continuing to grow. Recent data shows that 10,000 Bitcoin ATMs have been installed in the U.S. since March 1, 2020, marking a 57.5% in the number of BTC-equipped ATMs over the past year. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_ignores_the_economic_concerns_weighing_on_stocks\"><\/span>Bitcoin ignores the economic concerns weighing on stocks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the past two weeks, equities markets have been weighed down by a downturn in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> stocks and concerns over the rising Treasury yield. Many analysts predicted that a strengthening dollar and rising Treasury yield would negatively impact Bitcoin price.<\/p>\n<p>According to Chad Steinglass, Head of Trading at CrossTower, the \u201cunderlying current in BTC is still incredibly good,\u201d as it seems like there are major traditional finance players getting involved with BTC on a daily basis. <\/p>\n<p>Steinglass said that the recent addition of Ether (ETH) to the balance sheet of the Chinese software firm Meitu is another positive development as it demonstrates the growing prominence of cryptocurrencies in traditional finance. <\/p>\n<p>Steinglass further explained that the BTC correction of the past two weeks was the result of a \u201cmassive sell-off in tech equities\u201d which hit GBTC hard as the \u201cdiscount to NAV that GBTC traded got as high as 15%\u201d on March 5 as European traders \u201cran in fear\u201d at the close of the Europe equity markets. <\/p>\n<p>Steinglass said: <\/p>\n<blockquote><p>I believe that this caused a drag on BTC prices, as adventurous traders stepped in to slowly buy GBTC while selling spot or futures. The fact that spot BTC prices were able to tread water during this route was something I found quite bullish.<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Altcoins_follow_Bitcoins_breakout\"><\/span>Altcoins follow Bitcoin&#8217;s breakout<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/35c9c8b3-ce83-4e99-89ba-3e1c4ae1de64.png\"><figcaption style=\"text-align: center;\"><em>Daily cryptocurrency market performance. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\"><em>Coin360<\/em><\/a><\/figcaption><\/figure>\n<p>As Bitcoin takes aim at the $60,000 level, several altcoins also chased after new all-time highs.<\/p>\n<p>Theta (THETA), a blockchain-based video streaming platform, rallied 18% over the past 24-hours to reach a new all-time high of $5.92. <\/p>\n<p>Meanwhile, Polygon (MATIC) received a 33% boost on March 9 when Coinbase announced that the token would be added to Coinbase Pro. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/a6450111-d262-400d-be23-1511cc09ca23.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD daily chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\"><em>Coin360<\/em><\/a><\/figcaption><\/figure>\n<p>The overall cryptocurrency market cap now stands at $1.74 trillion and Bitcoin\u2019s dominance rate is 61.1%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\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 News 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\/bitcoin-bulls-stampede-toward-60-000-after-a-key-btc-resistance-is-broken\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin bulls stampede toward $60,000 after a key BTC resistance is broken &#8221; Within the last hour, Bitcoin (BTC) price surged to $57,100, a level not seen since Feb. 20 when BTC price made a new all-time high at $58,352. The bullish breakout signals that investor sentiment has shifted back in favor of bulls&#8230;<\/p>\n","protected":false},"author":1,"featured_media":198872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvNDg4YzhkZTgtYzQwMy00NDJiLTg1MDItOTZmNWUwOTM0MGUzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,74894,82402,74891,75150,73785],"class_list":["post-198871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-blockchain","tag-ether-price","tag-ethereum","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/198871","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=198871"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/198871\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/198872"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=198871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=198871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=198871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}