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Despite the recent rally, bitcoin faces a triple threat of resistance
Bitcoin crossed $72,000 on Wednesday for the first time since February 4, breaking through a key resistance band at the $70,000 level, but is now stalling in the $71,000 to $72,000 range as the war in Iran is pressuring risk assets and caution is ruling the market. Bitcoin ETFs are also rebounding, registering $1.15 billion in inflows so far in March, according to SoSoValue. While bitcoin broke out of “$60K purgatory,” which represents an “important psychological achievement,” whether this rally will keep chugging is mostly up to global affairs, Danny Nelson, a research analyst at Bitwise, told Sherwood News. ... (full story)
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