Bitcoin has managed to hit a high at nearly $56,000 today but has since retraced a bit and it now hovers above $54,000. However, BTC’s dominance suffers as some altcoins, including Binance Coin, have surged in the past 24 hours, and the metric is just slightly above 60%.
Bitcoin’s Stays Above $54K
Ever since the primary cryptocurrency dipped to $47,000 on March 6th, the bulls took control and pushed the asset north. In the following days, BTC firstly reclaimed the coveted $50,000 before heading for a fresh two-week high.
That last part resulted in yesterday’s intraday high at almost $56,000 (on Bitstamp). However, bitcoin failed to breach that level, and the subsequent rejection plummeted its value by $3,000 to $53,000.
Nevertheless, BTC has reclaimed some ground since that low and currently hovers above $54,000.
The technical indicators suggest that the $55,000 is the first significant resistance line in bitcoin’s way up. Should the asset overcome it decisively, the following obstacles are $56,112, $57,685, and the all-time high at $58,355.