Bitcoin had a tough day. The fight between bulls and bears was fierce, but in the end, the bears succeeded in pushing prices down again, leading Bitcoin to correct by about 4% in the last 24 hours.
Bulls had started the week on a high note following several positive announcements that sparked optimism among investors. The first stimulus checks started to arrive in Americans’ homes, and the global firm Meitu announced a $50 million purchase of Bitcoin and Ethereum —awakening memories of the MicroStrategy and Tesla era.
Bitcoin seemed to have rebounded after the bearish correction that followed its ATH. From March 14 through the 16th, it lost more than 13% of its value and was perilously close to $50,000 support.
But it recovered from the dip, and a solid green candle on March 17 gave hope to hodlers and bulls. Bitcoin climbed fast… until it hit an imaginary ceiling.
Round Numbers: The Silent Enemy
The $60,000 barrier proved to be a strong foe to beat. The bulls managed to push prices up to $60,083, and from there, the fall began, and within 3 hours, bitcoiners saw the price of the market’s leading cryptocurrency plummet to $57,000.
Bitcoin failed to break the $60,000 ceiling. Image: TradingviewThe drop at first glance appears to be more psychological than technical. During a phase of price discovery, round numbers always become barriers that markets watch closely. Many buy and sell orders are set at those price points.
Moreover, Bitcoin seems to have bounced precisely in an area that could indicate a trend change to the …
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