(DAILY NOTION): BTC/USD: Bulls Have Conquered $55,000, What's Next?
The Bitcoin bulls made headlines again as they rose above $55,000. The bulls have been hard at work, and have steadily been moving upwards this week, despite facing challenges. At the time of writing, BTC/USD is at $56,344.99. It is now trading above its 50-day Simple Moving Average (SMA), after having dipped below it for a brief moment. The Moving Average Convergence Divergence (MACD) is indicating a bullish trend, and the Relative Strength Index (RSI) is at 42.
Source: Yahoo Finance
The prevailing question is: can the bulls rise even further? According to analyst John Isige from FX Street, the bulls will need to overcome resistance at $56,600 to further travel on the upwards journey, possibly even to $60,000.
Over in the market, the ambitious Biden stimulus package has successfully passed through its final hurdle in the U.S. House. What is left is for President Biden to sign the bill into law. With concerns over inflation rise as a result of the stimulus package lingering in the market, this could heighten the appeal of Bitcoin as a hedge against inflation. This week alone, the 10-year U.S Treasury yields surged to slightly above 1.6%, on the back of inflation concerns. It marked a 13-month high, according to a report on the Consumer News and Business Channel on Mar 10.
Meanwhile, JP Morgan Chase & Co has plans to issue notes linked to a basket of cryptocurrency-focused companies, Coin Desk reported on Mar 9. This is a poignant initiative in continued efforts to build a bridge and further break the barrier and between cryptocurrencies and the traditional financial landscape.
Can the Bitcoin bulls rise to $60,000, supported by these catalysts, or will the bears stop them in their tracks? Let’s stay tuned.
BTC/USD (as of Mar 11, 2021, 9.20 a.m., GMT +8) - $56,344.99
FOLLOWME BTC/USD User Sentiment (as of Mar 11, 2021 at 10.05 a.m.)
Short – 78.32%
Long – 21.68%
Edited 11 Mar 2021, 10:12
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