Report: Despite Bitcoin reaching new historical highs, it may face short-term resistance

BlockBeats reports that on March 12, Coinbase stated in a report last Friday that despite Bitcoin (BTC) reaching new historical highs, the cryptocurrency market faces some macro obstacles and negative technical factors in the short term, which may limit further increases. Analysts David Duong and David Han wrote: "The initial rise was triggered by short selling, but the US spot Bitcoin ETF is still an important support for Bitcoin demand." In previous cycles, "liquidity conditions" were a major obstacle to price momentum, but this no longer seems to be the case. However, these supportive factors "may encounter some significant macro and technical resistance in the coming weeks," according to the authors. (CoinDesk)