Bitcoin Price Struggling, What’s Happening At $69,900?

Bitcoin is still king, at least in market cap. However, looking at its general performance in the last 48 hours, the upside momentum has stalled. The coin is stable in the last trading day and only up 5% in the past week. At this rate, BTC is trailing BNB, Solana, and other altcoins in the top 10. Still, analysts are confident.

Looking at the coin’s liquidity, the trading volume remains decent. In the past 24 hours, over $61 billion was traded, which is multiples those of other altcoins, including. This suggests that despite the market lull, attention is on the world’s most valuable coin. Overall, this is a net positive for the cryptocurrency.

The total crypto market cap is slightly lower to around $2.49 trillion, adding 0.86% in the last trading day. At this level, Bitcoin maintains the lion’s share, commanding 52.2% of the total valuation.

Traders will be looking at several developments today. Among the top trending Bitcoin news include:

• Bitcoin miner action: In roughly four or five weeks, Bitcoin will halve its miner rewards. That means a drop in revenue for all miners. While it remains to the seen whether the current demand will increase, this impact will be negative. There are speculations that some miners are cashing out at around spot rates, heaping pressure on the coin.
• MicroStrategy plans to buy more coins: The business intelligence firm just revealed that it will double down on Bitcoin. Already, the public company whose shares trade on NASDAQ owns billions worth of Bitcoin. According to Bitcoin Treasuries, MicroStrategy owns 193,000 BTC. In a recent update, it said it will up its convertible note sale to $700 million. Proceeds will go towards buying more Bitcoin.

Bitcoin Price Analysis

Bitcoin prices are choppy, looking at the developments in the daily chart.

Losses of March 5 were partly reversed on March 6. However, BTC/USD prices are still trending inside the bear bar when writing.

Technically, the uptrend remains though there must be more effort to push the coin above $69,900 for bears of March 5 to be invalidated.

In the lower time frames, traders can watch how prices react at around $64,800 and $67,800. A breakout in either direction can either see BTC register new all-time highs or dump to $59,200.