The bulls of Bitcoin had to deal with resistance on March 22. It dampened their dreams of a breakout beyond $58,000. Comments from the United States Federal Reserve's Chairman Powell indicated that Bitcoin could be a sub for gold, but traders will still weary. They made a few attempts to get Bitcoin past $58,000 over two days, but those attempts were soundly rejected. The one on Monday pushed Bitcoin back to the $54,000 level.
One analytical report showed that Bitcoin's struggle to go past $60,000 is associated with whale wallets. Some of them see an ongoing upside to the strong bull market. The global picture is also telling. Time magazine is in search of a chief financial officer who is comfortable with Bitcoin and cryptocurrency in general. The media company is looking to create an NFT that is based on some of its most popular covers.
Blockchain technology is at the point where it can handle a lot of processes, such as streaming music. The platforms that figure this out have seen breakout prices. That's because mainstream audiences are more interested in those relevant services. In particular, Theta and Theta Fuel have risen to the head of the pack with video streaming on their dual-token system. They have enjoyed rapid growth and all-time high prices.
Audius is a music streaming platform, and it too has rallied over the past few weeks. Its price went from $0.356 at the end of February to $2.05 on March 16. Recently, Vortecs data showed a bull trend on Audius. Market sentiment is a leading reason why. Vortecs is a proprietary scoring system. Its data uses complex algorithms that generate an easy-to-understand color-coded system for day traders.
For the end of the week, alt coins like Augur saw a growth of 30%. XRP spiked by 20%. The total cryptocurrency market now exceeds $1.746 trillion. Bitcoin accounts for 59.8% of its total value. There is a lot of market evidence and sentiment toward a bull shift in the market for the next three months. However, economic indicators are improving with the COVID-19 vaccine roll-out going smoothly.