- Bitcoin price surged to a new all-time high of $61,711.87 on March 8th.
- BTC has struggled to maintain its bullish momentum.
- Bitcoin price rallied thanks to some good news from Morgan Stanley.
Top crypto Bitcoin, remains defiant just under the $60,000 mark as it fights to rebound to it’s all-time high. Bitcoin thrilled investors by breaching the $60,000 barrier and setting a new ATH of $61,711.87 on the 13th of March.
However, the top crypto has struggled to maintain its bullish momentum and even dipped below the $54,000 support level. Fortunately, the coin managed to rebound after some positive news. Firstly, financial giant Morgan Stanley announced it will launch three Bitcoin funds as soon as April. Morgan Stanley joins top rivals Goldman Sachs and JP Morgan in giving BTC its seal of approval.
In addition, the US government finally released the long-awaited stimulus checks. Analysts have predicted that the checks will help bolster BTC’s position as it grows as a viable store of value. Experts report that the US economy will recover faster than initially reported, also adding needed support to BTC.
In fact, based on BTC price movements it seems the support is helping the coin rebound.
Based on the chart above BTC price needs to remain above the yellow line which is called ALMA. If the price falls under the yellow line (ALMA), there is a chance that it could go bearish. However, in this case, BTC price is still above ALMA. This means that BTC may still have the chance to go up.
At the time of writing, BTC is trading at $57,742.76 with a $53,176,576,961 trading volume.