Market Wrap: Bitcoin, Ether Gain After Visa Deal as Stocks Struggle With Archegos Margin Call
The quick recovery to near $58,000 demonstrates stronger confidence from investors in the oldest and largest cryptocurrency.
The oldest cryptocurrency is looking at a price support level around $54,000, with resistance around $60,000.
Bitcoin traders are increasing their bullish bets in futures markets – and taking more risk.
Bitcoin’s struggle to retest a key resistance level at $60,000 has “dampened” market sentiment, said one trader.
As altcoins rise, bitcoin’s market dominance is down to around 57% from near 73% at the beginning of the year.
$60K is a key psychological level that has also proven a formidable stopping point during this year’s powerful rally.