Bitcoin holds ground above psychological level of $60,000

Bitcoin gained ground on Thursday and held above the psychological level of $60,00 away from recent six-week lows amid active short-covering. 

Despite the recent correction, bitcoin has become more dominant in the cryptocurrency market as investors shun riskier currencies. 

A recent slowdown in US 10-year treasury yields also offered additional support and sentiment in favor of cryptocurrencies.

The Price 

Bitcoin rallied 2.9% at Bitstamp today, or by $1790 to $63,046, with a session-low at $60,830. 

Bitcoin lost 4% on Wednesday, the second loss in three days, plumbing six-week lows at $59,672 as Wall Street markets tumbled. 

Cryptocurrency Market Value 

The market value of cryptocurrencies rallied by $20 billion today to over $2.375 trillion as bitcoin and ethereum gained ground.

Bitcoin’s Dominance 

As AI-linked cryptocurrencies tumbled in recent weeks, bitcoin gained more dominance with market share rising to 55%. 

Bitcoin’s market share rose by 1.35% last week, and by 2.5% in March following a flux of new investments. 

Bitcoin’s Halving 

In the pre-halving period, Google interest in bitcoin surged to record highs, passing its previous halving event in 2020 by a wide margin. 

US Yields 

US 10-year treasury yields fell 0.65% away from recent five-month highs at 4.696%, underpinning non-yielding assets. 

The developments come as markets await more clues on the future of US interest rates this year. 

Bitcoin’s Forecasts

Cypto.com’s CEO expects a selloff wave for the cryptocurrency as it approaches the halving event, however, in the long term, the event is expected to make a difference and carry positive value for the cryptocurrency market.