Bitcoin
BTC$69 876.08

-0.73%

Ethereum
ETH$3 518.54

-1.51%

Tether
USDT$1.000185

0.03%

Binance Coin
BNB$606.51

2.75%

Solana
SOL$183.85

-1.84%

XRP
XRP$0.610516

-1.87%

Bitcoin price dips under $55000


17 Mar 2021

#Bitcoin

Fresh difficulties for BTC price action fails to dent investor enthusiasm as the battle for $55,000 support begins. Bitcoin (BTC) slid under $55,000 on March 17 as United States treasury yields built on a comeback, which took them to their highest in over a year.

BTC price stays firmly rangebound

Data from Cointelegraph Markets Pro and Tradingview showed further downward pressure for BTC/USD on Wednesday, compounding a comedown that began late on Sunday. While not plugging the week's lows at nearer $53,000, the latest dip to $54,425 on Bitstamp underscores Bitcoin's correction after hitting all-time highs of $61,700.

The weakness came in tandem with strength on U.S. bond yields, a classic drain on BTC performance. On-chain metrics showed broad strength, however, while derivatives funding rates also cooled, fueling bullish sentiment beyond spot price action.

"Bitcoin will continue to rise and rise in the foreseable future — we don't need charts or technical analysis to tell us what is painfully obivous," trader Scott Melker forecast in a fresh YouTube update. "People are increasingly interested in buying Bitcoin as a hedge against central bank behavior and infinite money-printing, while at the same time, supply is rapidly exiting the market."

"I bought more BTC at 56,500. Just in case anyone was wondering if I’m still bullish," Galaxy Digital CEO Mike Novogratz added on the day in another example of investor optimism.

At the time of writing, BTC/USD was circling $55,000 as a slight return to form kept the pair from testing deeper lows.

"We'll only see further downside once $BTC loses ~$55,000," popular Twitter account Rekt Capital argued, adding to recent Cointelegraph analysis.

Long-term bond warnings compound

On the topic of institutional involvement, meanwhile, this week was tipped by Bitcoin investment firm NYDIG to bring significant announcements from prospective large-volume corporate investors. In an episode of the On The Brink podcast recorded on March 10, CEO and co-founder NYDIG Robby Gutmann removed any doubt that the institutional scene was about to transform.

"I think — I don't think, I know — starting more or less next week, you're going to see an absolute drumbeat of pretty game-changing milestone from some of these firms that are really going to mark each progressively new point in Bitcoin adoption, Bitcoin availability, Bitcoin products and services within the existing traditional financial landscapes," he said.

As Cointelegraph reported, meanwhile, the topic of bonds has gained attention from several high-profile sources. This week, it was billionaire Ray Dalio which warned investors to stay away from dollar-denominated targets, with MicroStrategy CEO Michael Saylor championing Bitcoin as the answer.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 75.6% 43 $69 876.08 -0.73% 5.59% $1 374 273 013 911 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72% 50 $3 518.54 -1.51% 0.22% $422 473 613 366 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000185 0.03% 0.01% $104 523 618 020 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 60% 81 $606.51 2.75% 3.96% $90 695 193 363 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 56.8% 88 $183.85 -1.84% 2.48% $81 702 403 548 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 83.6% 28 $0.610516 -1.87% -3.83% $33 507 724 771 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92.8% 2 $0.999970 -0.02% -0.01% $32 490 169 862 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 66 $0.209888 5.10% 28.84% $30 153 031 924 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 67.2% 66 $0.638195 -1.75% -0.36% $22 709 265 386 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 60.8% 87 $53.20 -2.95% -4.74% $20 079 936 302 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 55.2% 94 $0.000030 -1.14% 8.76% $17 930 876 259 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 56.4% 87 $4.78 -3.12% 7.52% $16 596 027 613 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 74.4% 49 $9.37 -2.39% 0.76% $13 373 754 540 DOT 7 days price change
14 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 72.4% 58 $574.59 3.29% 38.32% $11 309 146 535 BCH 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 76% 42 $18.77 -3.67% 1.94% $11 018 453 562 LINK 7 days price change

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