17.03.202110:05 Forex Analysis & Reviews: Bitcoin's movement is fluctuating again

The movement of the leading digital asset is fluctuating again like a roller coaster. It is significantly declining, after moving up recently. Experts say that Bitcoin's decline is due to the launch of stimulus measures in the US.

On the morning of March 17, the main cryptocurrency was trading near the level of $ 56,165. It experienced a correction, simultaneously rising to $ 57,000, and then declining to $ 55,600. During the day, Bitcoin added 2.3%, and 4% during the week. Its current capitalization is estimated at $1 trillion.

From a technical viewpoint, experts do not see any clear signs of a "bullish" reversal of the specified cryptocurrency. A lot of analysts are confident that it can consolidate above the resistance level of $55,500, while others expect its price to further rebound.

According to most analysts, Bitcoin's March rally was provoked by the US stimulus measures. It should be recalled that a stimulus package in the amount of $ 1.9 trillion was approved this week, under which payments to Americans began. The current situation led to the growth of most risky assets. Thus, the BTC increased to a historical high of $ 61,500, but slightly fell. Experts reported that the leading digital coin has grown by more than 1000% throughout last year. They highlighted that active purchases from institutional and retail investors contributed to this.

The cryptocurrency market is currently recovering from the drop recorded earlier this week. Most of the major cryptocurrencies are showing positive dynamics. Bitcoin is trying to get into an upward trend, which are quite successful amid a series of failures.