Bitcoin opened this week in negative territory as its price wobbled around a key support/resistance level of $57,000.
The benchmark cryptocurrency was down 0.97 percent, trading for $57,639 ahead of the New York opening bell Monday. Its move downhill came as a part of a broader bearish correction that started after the price crossed $60,000 late last week. From then to this press time, the bitcoin price fell roughly 4 percent.
Bitcoin struggles to post a breakout above $60,000. Source: BTCUSD on TradingView.com
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The cryptocurrency’s latest correction downhill marked the second time its price rejected breakout attempts above $60,000. In March, the BTC/USD exchange rate had declined by more than 18.50 percent after logging a record high of $61,778 (data from Coinbase). That increased the prospect of Bitcoin heading lower after the latest upside rejection.
Nevertheless, a pseudonymous analyst called the $57,000 level an “important point” to determine the bitcoin market’s next bias. He listed five critical factors that