Bitcoin (BTC) slid under $55,000 on March 17 as United States treasury yields built on a comeback, which took them to their highest in over a year.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
BTC price stays firmly rangebound
Data from Cointelegraph Markets Pro and TradingView showed further downward pressure for BTC/USD on Wednesday, compounding a comedown that began late on Sunday.
While not plugging the week’s lows at near $53,000, the latest dip to $54,425 on Bitstamp underscores Bitcoin’s correction after hitting all-time highs of $61,700.
The weakness came in tandem with the strength of U.S. bond yields, a classic drain on BTC performance. On-chain metrics showed broad strength, however, while derivatives funding rates also cooled, fueling bullish sentiment beyond spot price action.
“Bitcoin will continue to rise and rise in the foreseeable future — we don’t need charts or technical analysis to tell us what is painfully obvious,” trader Scott Melker forecast in a fresh YouTube update.
Published Date: Wed, 17 Mar 2021 10:48:33 +0000