Litecoin Worth – Bitcoin drops 4% as rally falls just under the USD 60,000 resistance stage | Forex Information | Monetary and enterprise information | Fintech zoom

Litecoin Price – Bitcoin drops 4% as rally falls just below the USD 60,000 resistance level | Currency News | Financial and business news

In this photo image, a visual representation of the digital cryptocurrency Bitcoin, Bitcoin is displayed in front of the Bitcoin rate chart on Bitfinex’s cryptocurrency exchange website on November 20, 2018 in Paris, France.

  • Bitcoin fell 4% on Wednesday as it continues to struggle to hit the $ 60,000 resistance level.
  • The decline in Bitcoin was due to a wider crypto sell-off on Tuesday, with Ethereum, Litecoin and XRP all down more than 5%.
  • The total market value of cryptocurrencies had surged over $ 2 trillion as institutional demand increased.
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Bitcoin fell more than 4% on Wednesday as the cryptocurrency continued to encounter resistance at $ 60,000.

The sellers outnumbered buyers of Bitcoin near $ 60,000, and sales spilled into other cryptocurrencies like Ethereum, Litecoin and XRP, which fell 6%, 8% and 13%, respectively, on Wednesday morning.

Despite the back and forth on Bitcoin on Wednesday, institutions and corporations have increased demand for cryptocurrency and helped push the total market value of cryptos to over $ 2 trillion.

MicroStrategy continues to add Bitcoin to its balance sheet, Wall Street banks like Goldman Sachs and Morgan Stanley are allowing their customers to get involved in Bitcoin, and companies like PayPal, Mastercard, Starbucks and Tesla are starting to accept Bitcoin as a means of payment.

But it will likely take more buying pressure for Bitcoin to break its all-time high of more than $ 61,000, which it hit in mid-March. Bitcoin has been trading sideways for the most part since hitting these highs and failed to push through $ 60,000 three times in a row.

The more often Bitcoin tests the $ 60,000 level as resistance, the more likely the cryptocurrency will break that level according to the principles of technical analysis.

A higher Bitcoin hiatus would likely prepare Coinbase for a successful public debut later this month, as the company plans to directly list its shares on April 14 due to the extreme volatility of cryptocurrencies.

According to JPMorgan, reducing Bitcoin’s volatility could lead to massive profits as the bank sets a long-term price target of $ 130,000 for the cryptocurrency as it competes better with gold as an alternative asset for investors.

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Litecoin Price – Bitcoin drops 4% as rally falls just below the USD 60,000 resistance level | Currency News | Financial and business news

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