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Bitcoin’s price hit a new record high over the weekend when it first broke the $ 60,000 mark to reach $ 60,900 on March 13, according to Tradingview.com.
The leading crypto asset has remained above the $ 60,000 price zone for most of the two weekends but has started correcting during Monday morning trading in Asia. At press time, BTC is trading around the $ 56,000 region, up about 15% from the same time last week.
On the upside, the Fibonacci levels suggest a move upwards might find resistance at around $ 68,000, according to technical analyst ‘CryptoFibonacci’.
Well, it has been a while. But, here we go.$ BTC Daily
Has some pretty tough Fib cluster resistance here. If it breaks this, then a pretty decent bet it tests 68k or close to. A failure here on lower volume would NOT be good, IMO.#BTC pic.twitter.com/M0GjCXDUcg
– CryptoFibonacci (@CryptoFib) March 14, 2021
There are some pretty tough Fib resistance clusters here. If it breaks this, then it’s pretty easy to test 68k or near this area. A failure here with a lower volume will NOT be good.
And when looking at Fibonacci extension levels on an annual long-term view, ‘CryptoHamster’ predicted an all-time high in this cycle of $ 250,000 if history repeats itself.
– CryptoHamster (@CryptoHamsterIO) March 13, 2021
Looking at the fundamentals, analyst Willy Woo suggests that institutional funds may have been profitable recently by the end of the first quarter of the year.
We have seen a lot of big whale selling … which makes me think that new hedge funds are rebalancing and taking profit … This cycle is quite different from previous ones due to add cash flow of institutions.
Another interesting development is that the flow of Bitcoin out of exchanges continues and they move to storage, custodial, or institutional funds.
Grayscale’s most recent update reveals that the company now manages over $ 44 billion in cryptocurrencies, or 2.4 percent of the total market cap. Of that total, 84% is held in the Grayscale Bitcoin Trust.
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