Bitcoin price slides 5% after failing to break $60K — Here's why
BTC dropped below $56,000 on Sunday as several bearish signs emerged. The price of Bitcoin (BTC) dipped below $56,000 on March 21 after repeated rejections by the $60,000 resistance level throughout the past four days.BTC/USD 1-hour candle chart. Source: TradingviewDespite getting closer to cleanly breaching past the key technical level, Bitcoin has been showing weakness in the $59,000 to $60,500 range.There are three major reasons behind the stagnation: the rise in Treasury yields, bearish movements on Bitfinex, and the struggle of the risk-on market.High U.S. Treasury yields cause....
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The price of bitcoin had little to show last week relative to the range of price movement mostly sideways trading, which hit $423 on the upper limit and $415 on the lower end. The Weekly BitcoinAverage Report. The most exciting activity was a run up to $424 on April 8th, applying counterweight to the previous week’s low of $416. Later, a sell-off to $412 after failing to break to break up wards ruffled some feathers. The low shook out the feeble hands, turned traders bearish and tossed off weak bulls as many had been expecting a final break of $425. Seen above — a 12-hour chart on Bitstamp....
Is Bitcoin failing as a new currency? It's never said outright, but it is implied, inferred, or subject to innuendo. The rhetoric is coming from many of it's earliest and most ardent supporters in the corporate world, but are they right? Are they just being impatient that it is not growing fast enough for the demands of their stockholders? Are they mismanaging their business plan, being dependent upon Bitcoin's US dollar value? Do they have a point? Is Bitcoin itself the problem? Is Bitcoin failing, or are we failing Bitcoin? First, let's review the rhetoric, which has gained momentum over....