The news of the new strain of coronavirus has had a significant impact on the cryptocurrency market and in particular on Bitcoin. If on Thursday the price of Bitcoin came close to $60000, then on Friday the price of Bitcoin dropped below $54000. Over the weekend, the bulls tried to keep the price above $54,000 and even tried to raise it above $55000. Their attempt was successful. Bitcoin price rose above $57000 and consolidated. At the time of publication, the BTC/USD pair is trading at around 57300.
Trading above 57000 dollars gives hope that the bulls will try to bring the Bitcoin price back above $60000. However, concerns over the new Omicron coronavirus strain continue to weigh on the global economy and the outlook remains uncertain.
A recovery above $58000 is important to the market. There is a downtrend line in this area, limiting the rise in the price of Bitcoin. And overcoming this level will give hope that Bitcoin will still end this month above $60000.
As mentioned, the closest resistance level is around 58000 dollars. As the mark of 60000 is reached, the pressure will increase. If the bulls manage to push the price above 58000, they will face the next resistance around 58500. A close above 58500 could push the price towards 60000. Moving above this level will accelerate the rise in the price of Bitcoin.
However, it’s also worth noting that if the bulls fail to push the Bitcoin price above 58000 dollars, the price could see a fresh decline. This time, the BTC/USD pair will meet support around 57200. Strong support is forming around the level of 56500.