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Bitcoin Price Looks to Reclaim $60,000 Resistance Level as Ether Sees New ATH

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The potentials for new investors both on the retail and institutional investment angle is high, as more people believe in the possibility for Bitcoin to grow in price.

Bitcoin (BTC) has been trading below its all-time high (ATH) price above the $64,500 level set close to three weeks ago.Some key fundamental pressures such as the Xinjiang blackout have stirred a global sell-off on the leading digital currency.Bitcoin is currently trading at $58,633.39, up 4.16% in the past 24 hours atop an 11.78% gain over the past week according to CoinMarketCap.

The overall price outlook for the digital currency is ambitious, but not with the prospects of the coin increasing its dominance effect in the global cryptocurrency industry. Bitcoin dominance has been on a decline for weeks, as altcoins, lead by Ethereum (ETH) continues to see increased cash inflow from both retail and institutional investors.Bitcoin dominance now is at 47.7%. After a peak of about 65% a few months ago, it now stands at about 65%.

The reducing dominance has a subtle impact on the reduction of the ability of the digital currency to influence the prices of other coins. The declined dominance made Ethereum break free from the correlated price trend of the top coin, and as such has charted a very bullish path for itself crossing the $3,000 ATH price level.

Now, Bitcoin bulls are somewhat wary of the growth strides of Ethereum and are seeking to push the coin’s price back above $60,000. While this potential price movement has been tagged as imminent noting the volatile nature of the coin, market strategists have tried to determine the feasibility of this upsurge happening any time soon.

Metrics Showing the Potentials for Bitcoin Price to Hit New Level

The Bitcoin market is very robust, at over $1 trillion market capitalization. The potentials for new investors both on the retail and institutional investment angle is high, as more people believe in the possibility for the coin to grow in price as it has done for the past decade.

One of the core metrics, as highlighted to be behind the bullish sentiment that Bitcoin may see cash inflows in the coming days, is the stablecoin balances on exchanges. As highlighted by Cointelegraph, the $60,000 resistance level may be pulled down seeing the buy and sell demand from the order book of major exchange Binance tilting on the former side. The stablecoin inflows into exchanges is a boost that implies readiness to buy the coin on the part of investors.

Additionally, according to the Fear & Greed Index, a metric that takes several factors into consideration to depict the reactions of investors about the major cryptocurrencies, Bitcoin is currently ticking Greed.The implication is that many are bullish and predict that BTC will surge and return more gains in the next few months.This has the tendency to spike increased buyups, which can stir the price of Bitcoin to course through a new level in the near future.

Altcoin News, Bitcoin News, Cryptocurrency news, News
Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology.His desire to share information about cryptocurrencies gives him inspiration to contribute to reputable blockchain-based media outlets and sites.Benjamin Godfrey is a lover of sports and agriculture.

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 5/3/2021

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