IT Seems Bitcoin's Winning Streak Is Over Today

Bitcoin (BTC) trading around $56,700 at the time of 21:00 UTC (4 p.m. ET), slipping 1.3% over the previous twenty four hours. Bitcoin’s range that is 24-hour $55,116 to $58,150. Continuing a start that is strong the month, bitcoin bulls forced most of the way to $58,000 on Friday, but they’re still struggling to pass the record high occur mid February.

Bitcoin ended up being down 2.2% on Friday, poised to finish its winning streak that is longest this year, after rates didn't break although the all-time-high above $58,300 set last thirty days.

At the time of 21:00 UTC (4 p.m. ET), bitcoin ended up being hands which are changing above $56,000. The seven right days of gains allowed the cryptocurrency that is biggest to recover almost all of its losses from belated February, but bulls were unable to push industry to new highs.

The cryptocurrency that is largest is now up 25% thus far in March, and a gain this month would mark the sixth straight monthly increase, the very first time that’s occurred in seven years. Bitcoin has doubled this present year.

The possibility of the “double top” forming in the price chart could be concerning, based on CoinDesk’s Damanick Dantes for bullish technical traders. “Traders take watch for a breakout to fresh all-time highs, but there is concern about a top that is double, that could lead to revenue taking,” Dantes penned Friday.

The market has retraced last month’s comedown simply to now sit on the precipice of either a bearish “double top” technical chart or perhaps a bullish blastoff to fresh all-time highs, signalling a extension associated with the rally over the last a couple of weeks easily put.