Home Alternative Investments Bitcoin price falls to $54,000 support level

Bitcoin price falls to $54,000 support level

by Jonathan Adams
Bitcoin price

While BTC price struggles to jump back above $60,000, whale wallets have been in accumulation mode over the past 30 days

Bitcoin (BTC) bulls faced strong headwinds on March 22 that quickly dampened any attempt at a breakout above the $58,000 level despite comments from US Federal Reserve Chair Jerome Powell which called the top cryptocurrency a “substitute for gold.”

Data from Cointelegraph Markets and TradingView show that traders made several attempts to push BTC above $58,000 over the past two days only to be rejected, with Monday’s failure resulting in a pullback to the $54,000 support level.

According to on-chain analysis, while BTC price struggles to jump back above $60,000, whale wallets have been in accumulation mode over the past 30 days indicating that some of the wealthiest Bitcoin holders still see more upside for the current bull market.

The macro picture for the cryptocurrency sector continues to improve as the TIME magazine revealed that it is looking for a CFO who is comfortable with Bitcoin and cryptocurrencies as the publication has begun exploring the creation of one-of-a-kind non-fungible tokens based on some of its most iconic covers.

Now that blockchain technology has evolved to the point where it can handle processes like video and music streaming, platforms with a first-mover advantage in those sectors have seen their prices breakout over the past few months as mainstream audiences are increasingly exposed to the cryptocurrency ecosystem.

Theta (THETA) and Theta Fuel (TFUEL) have taken the lead when it comes to blockchain-based video streaming with the dual token system enjoying massive growth in 2021 that continues to push its price to new all-time highs.

Audius (AUDIO), a music streaming platform, has also rallied strongly over the past month as its price increased from $0.356 on Feb. 28 to a new all-time high at $2.05 on March 16.

Following the price peak on March 16, AUDIO price and its VORTECS score experienced a pullback that continued for several days. The VORTECS score then turned green again and reached a high of 71 on March 20, nearly 15 hours before its recent price rise.

Other notable altcoin performances on March 22 include Augur (REP), which has seen its price rise 30% to a multi-year high of $39.30, and XRP, which spiked 20% to an intraday high at $0.60 as members of the XRP army look to get the token relisted on exchanges that suspended services in response to the actions from the U.S. Securities and Exchange Commission (US SEC).

The overall cryptocurrency market cap now stands at $1.746 trillion and Bitcoin’s dominance rate is 59.8%.



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This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
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