World’s biggest cryptocurrency struggling to surpass $69,000 level
Bitcoin on Friday was hovering around its all-time high but failing to surpass its resistance level.
Price of Bitcoin was trading around $67,930 at 10.45 a.m. EDT for a daily gain of 1%, while it increased 10.5% last week, according to data from CoinMarketCap, a digital asset price-tracking website.
The world’s biggest cryptocurrency saw its price climbing to $68,990 on Tuesday — the highest level in its 15-year history.
Although Bitcoin has been slightly fluctuating around that level, its price has been struggling to surpass $69,000, and could retreat to the support level of $64,000, according to analysts.
Bitcoin has been on a rally since Jan. 11, when the US Securities and Exchange Commission approved spot Bitcoin ETFs, or exchange-traded funds. The move allowed investors, especially financial institutions, to trade Bitcoin without owning it.
Ethereum, the world’s biggest altcoin by market cap, was up 2.2% to $3,939 at 10.53 a.m.,gaining 16.2% in the past week.
The price surge in Ethereum results from the potential approval of a spot Ethereum ETF and its upcoming Dencun upgrade on March 13.
The value of the cryptocurrency market was up 1.1% to $2.57 trillion, while Bitcoin’s share of the crypto market, known as dominance, was at 52% and Ethereum’s dominance at 18.4%, according to CoinMarketCap.
Source: aa