Bitcoin (BTC) headed closer to $60,000 at the March 19 Wall Street open as BTC price weakness showed no signs of fading.
Tailwinds combine to keep pressure on
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD preparing to test $62,000 at the time of writing amid volatile conditions.
The largest cryptocurrency encountered fresh selling pressure immediately after the daily close, dropping by almost 8% on the day.
The trend came as risk assets prepared to weather the upcoming interest rates decision from the United States Federal Reserve on March 20.
The U.S. dollar gained in tandem, with the U.S. dollar index (DXY) spiking above 104 before consolidating.
In the eyes of market observers, the Fed event formed just one of several headwinds for Bitcoin.
Others included news that Japan’s central bank had raised rates for the first time since 2007, as well as outflows from the Grayscale Bitcoin Trust (GBTC), the daily tally for which hit a record $642 million on March 18.
“I think we're close to a bottoming procedure and the correction is shallow, altcoins bleeding -> great opportunities,” Michaël van de Poppe, founder and CEO of trading firm MNTrading, wrote in part of recent commentary on X (formerly Twitter).
An accompanying chart raised the prospect of a bearish divergence on BTC/USD, with Van de Poppe joining those eyeing $60,000 as a potential reversal point.
Brandt: February BTC price trendline allows $55,000 dip
Old hands, meanwhile, stayed positive on Bitcoin’s overall strength.
Related: Bitcoin levels to watch next as BTC price risks sub-$60K retest
For veteran trader Peter Brandt, who successfully called various BTC price milestones in recent years, the current correction was little to worry about.
“This correction is healthy. BTC is in a major bull trend,” he summarized in part of an X discussion.
Brandt flagged a potential head and shoulders pattern playing out on daily timeframes. A deeper comedown toward $55,000 could still result, he warned, but even this would keep BTC/USD in line with its broader rising trend.
As Cointelegraph reported, confidence in the bull market has not waned despite repeated failures to flip old all-time highs at $69,000 from 2021 to definitive support.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
