While the atmosphere in the cryptocurrency markets has turned positive recently, Bitcoin tried to exceed the critical $ 75,000 level once again, but the rise came to a halt again. During this period, which market analysts described as a “meek rally”, the rally that Bitcoin started from the bottom levels in February lost momentum. Especially in recent months, the $75,000 and $80,000 range continues to pose a serious obstacle to upward movements.
Record streak continues in US stock markets
American stock markets are performing strongly despite the tensions in the Middle East. The Nasdaq index closed with a gain for the 11th consecutive trading day, increasing by 1.6 percent, and passed the 24,000 point threshold for the first time in its history. The S&P 500 index also rose by 0.8 percent, reaching over 7,000 points, a new historical peak. This rise shows that investors’ risk appetite is alive and the rally atmosphere continues in classical markets.
Crypto-related company stocks were also affected by this positive mood. Shares of Coinbase, one of the major US-based platforms, rose 6.2 percent. Robinhood shares, in which individual investors are active, increased by more than 10 percent. Strategy, which stands out with its Bitcoin asset management, increased its shares by 4.4 percent.
Fluctuating movements and critical levels in Bitcoin
Although Bitcoin tried to rise above the $ 75,000 level again in the morning hours of Wednesday, at this point the purchases weakened and the price encountered resistance again.
Wintermute market maker Jasper de Maere said, “As of yesterday, we have been rejected from the upper limit of this two-month horizontal band. Yesterday’s positive picture has begun to be questioned for today.”
According to the data shared by CoinDesk, Bitcoin increased by 1.45 percent in the last 24 hours and was traded around $ 75,134. CryptoAppsy According to data, the price of Bitcoin was shaped in this range.
Analysts follow the $72,000 level as an important threshold in the short term. Especially if it stays above the determined level, there is a possibility that the market will continue its upward movement. In case of a reverse breakout, it is predicted that volatility will decrease and Bitcoin will regain a horizontal appearance.
Market expectations and future possibilities
After the sharp decline in February, crypto markets have not yet completed the recovery process, although especially major indices have broken new records. Compared to classical financial instruments, Bitcoin is having a hard time recouping its losses at the beginning of this year.
Although the rally on both the stock and crypto side excites investors, the cautious outlook remains unless resistance points are overcome for Bitcoin. The main headline in the market is focused on which direction the volatile course will break.
