Bitcoin Struggles to Regain $60,000, Momentum Slows Down

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3rd Party Analysis 19 Mar 2021

Bitcoin Price Remains Subdued Below $60k

Bitcoin struggles and has been trading sideways this week as crypto enthusiasts seem to be lacking strong buying momentum that could send the price in another run towards the $60,000 level. On Friday, the price of bitcoin remains subdued below the $60,000 milestone, currently hovering around $58,000 per single bitcoin. Investors have been on the lookout for fresh news that could stir the market and create renewed volatility that could provide enough support for bitcoin to break out of the current weekly consolidation.

For the week, bitcoin has been gravitating towards the range of $55,000 to $60,000. The upper level was briefly touched on Thursday when the price spiked over 5% on the day to reach a high of $60,058. Buyers, however, did not provide enough liquidity to keep it going and soon after, bitcoin skittered down to its average weekly price levels of around $57,000.

Earlier today, bitcoin retreated to a session low of $56,200, diving below the opening price of $57,500. The sideways trading continues Friday afternoon as the world’s largest digital coin is still rangebound below $60,000 and over $55,000.

The current price levels act as an inflection point where market participants seem uncertain over bitcoin’s near-term future. According to bitcoin’s proponents, the current consolidation is a needed break to cool down the hot market which saw bitcoin’s price advance 37% in March to reach its all-time high. Since the peak of $61,800 on Mar 13, the apex cryptocurrency has declined by roughly 6% to the current market price.

Bitcoin Price Unchanged

Price Unchanged, But Good News Precedes

Over the course of the week, bitcoin has been trading relatively unchanged but in positive territory, up around 3%. From the weekly low of $53,200 reached on Monday, bitcoin is trading 10% higher.

On the news front, this week the crypto market cheered the involvement of Morgan Stanley. The investment banking giant managing $4tn in assets announced it will soon launch access to three funds that enable bitcoin trading and ownership. Access will be available to clients who have at least $2mn held by the bank. Of them, only 2.5% will be allowed for bitcoin investments.

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