Bitcoin (BTC) bulls faced strong headwinds on March 22 that quickly dampened any attempt at a breakout above the $58,000 level despite comments from United States Federal Reserve Chair Jerome Powell which called the top cryptocurrency a “substitute for gold.”
Data from Cointelegraph Markets and TradingView show that traders made several attempts to push BTC above $58,000 over the past two days only to be rejected, with Monday’s failure resulting in a pullback to the $54,000 support level.
On-chain analysis shows that while BTC price struggles to climb back above $60,000, whale wallets have been in accumulation mode over the past 30 days indicating that some of the wealthiest Bitcoin holders still see more upside for the current bull market.
Mainstream cryptocurrency adoption gains traction
The macro picture for the cryptocurrency sector continues to improve as the globally recognized TIME magazine revealed that it is looking for a CFO who is comfortable with Bitcoin and cryptocurrencies as the publication has begun exploring the creation of one-of-a-kind non-fungible tokens based on some of its most iconic covers.
Now that blockchain technology has evolved to the point where it can handle processes like video and music streaming, platforms with a first-mover advantage in those sectors have seen their prices breakout over the past few months as mainstream audiences are increasingly exposed to the cryptocurrency ecosystem.
Theta (THETA) and Theta Fuel (TFUEL) have taken the lead when it comes to blockchain-based video streaming with the dual token system enjoying astronomical growth in 2021 that continues to push its price to new all-time highs.
Audius (AUDIO), a music streaming platform, has also rallied strongly over the past month as its price increased from $0.356 on Feb. 28 to a new all-time high at $2.05 on March 16.
VORTECS™ data from Cointelegraph…