The market today saw Bitcoin have fallen more than 4% on Wednesday as several attempts failed to break the $ 60,000 price level resistance. Thus many investors prefer to sell their holdings when the price rises close to that price level and at the same time other cryptocurrencies such as ethereum, litecoin, and XRP, are down 6%, 8% and 13% respectively on Wednesday morning.
While there was a fluctuation in bitcoin on Wednesday, institutions and companies have driven more demand for the cryptocurrency. This has helped increase the overall crypto market value to a market value of over $ 2 trillion.
MicroStrategy continues to increase its bitcoin holdings with Wall Street players such as Goldman Sachs and Morgan Stanley allowing its clients to buy bitcoin. In addition, major companies such as PayPal, Mastercard, Starbucks, and Tesla accept bitcoin as a form of payment.
Analysts believe that a break of the $ 60,000 resistance will push Coinbase to open access to the public as planned on April 14. In its S-1 filing, Coinbase said that future yield returns are difficult to predict due to extreme volatility in the crypto market.
On that basis JPMorgan thinks a reduction in volatility in bitcoin will drive greater profits and they expect the price of Bitcoin to soar to the $ 130,000 price level.
