Bitcoin Remains Pressured, Slides from Session High Over $59K

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Created by TradeOr

3rd Party Analysis 07 Apr 2021

Key Takeaways:

  • The largest digital asset turns negative for a second straight day
  • The price hovers near $58,000 in quiet sideways trading

Bitcoin Trades Sideways

BTC has been trading mostly sideways so far in April with a single attempt to break over the $60,000 mark that has been acting as a strong resistance for nearly a month. Bitcoin broke through the $60,000 barrier for the first time on Mar 13 and has since been having a tough time trying to reclaim the levels above.

Early on Wednesday, the bitcoin price attempted to make another run to the upside and managed to climb over $59,000. The effort, however, was short-lived and, as the day progressed, the largest digital asset skittered down to levels around $58,000. Lack of news and developments contribute to the quiet sideways trading the market has been witnessing for the month of April.

 

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5% from Record High

Nevertheless, bitcoin remains roughly 5% from its record high in March when the price spiked to an all-time high of $61,800. In the past 24 hours, the price of BTC has been a little changed, down by about 2%. If the current price momentum continues, bitcoin will close in negative territory for a second straight day. The weekly low, reached on Monday, sits near $56,800, while the high of the week came yesterday when bitcoin jumped to $59,500. For the month of April, the price of the biggest crypto asset has declined by 2%.

Low Volatility as a Driver

The low volumes and low volatility, however, maybe a good sign for the world’s leading cryptocurrency. According to a report by Wall Street bank JPMorgan, the decline in volatility could attract institutional investors and boost its adoption on a larger scale. Mainstream finance continues to be increasingly open to considering investing in the emerging cryptocurrency market.

More recently, the world’s largest asset manager, BlackRock, disclosed the firm held bitcoin futures worth $6.5mn. Other large institutions to hold bitcoin or bitcoin-related products include George Soros’ fund, Elon Musk’s electric-car company Tesla, MicroStrategy, Square, Morgan Stanley, and more.

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