Bitcoin Ends March Bullish, Prints the Sixth Consecutive Bull Bar for the First Time Since 2013
Bitcoin ended Q1 2021 strongly, closing the month above $59k. For the first time since 2013, six consecutive bull bars have printed, reflecting the bullish state of price action and interest from the trading community. Markedly different from 2013, the Bitcoin rally is propped by institutions who have been flocking to crypto and specifically Bitcoin, adding the coin as part of their treasury reserves. Presently, the BTC/USD price is trading above $58.5k, firm and hoovering around its all-time highs of $62k.
The Bitcoin price is on an uptrend. Proponents hold that the coin can easily reach $100k or more by the end of the year. Citing strong demand from both institutional and retail investors, analysts also remain confident. Over time, the evolution of Bitcoin has seen support from deep pockets. Just recently, as Bloomberg reports, Goldman Sachs, a former critic, plans to offer Bitcoin and digital asset exposure to clients of its private wealth management unit. It is also when Morgan Stanley changed its stance on Bitcoin and jointly applied for a Bitcoin ETF. PayPal has also followed through with its initial plans and recently launched a Bitcoin and crypto checkout feature.
Impact on the BTC Price:
Bullish. The Bitcoin price is firm and ranging a few hundred bucks away from the psychological resistance level at $60k. A break above this level would see the coin race to new all-time highs with institutional push as "rocket fuel," as Anthony Pompliano said.
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