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Bitcoin price focuses on $55K as bulls ignore a surging US dollar

The classic inverse correlation between USD and Bitcoin is nowhere to be seen as all-time highs come closer and closer.
Bitcoin (BTC) challenged levels within 10% of all-time highs on March 10 as strength in the U.S. dollar failed to dent the bullish trend.BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview$56,000 resistance is next BTC price hurdleData from Cointelegraph Markets and Tradingview tracked a comeback from an overnight correction for BTC/USD on Wednesday, with the pair targeting $55,000.After hitting two-week highs of $54,500 the previous day, Bitcoin improved on its performance to hit $55,700 before encountering a strong band of resistance and heading lower.The latest resurgence underscores new-found strength in the largest cryptocurrency this month, something which continues to take it to within striking distance of historical all-time highs at $58,300.”Beautiful rejection on the $56,000 area for #Bitcoin here. So far, everything fine,” Cointelegraph Markets analyst Michaël van de Poppe commented about the past 24 hours’ action on Twitter. “If the $52,000 area holds, we can see further sideways action and renewed tests of $56,000. However, once again, $52,000 is critical to hold to avoid further downwards moves.”At the time of writing, there was little indication that a retest of $52,000 was imminent, as hodlers celebrated yet more institutional investors entering the Bitcoin adoption race. This time, it was American Residential Warranty which teamed up with exchange Gemini to invest.”And another company has decided to put bitcoin on its balance sheet,” Gemini co-founder Tyler Winklevoss responded.Orderbook data from Binance, the largest exchange …
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