Important resistance levels on the upside include the psychological $500 barrier, followed by the recent swing high of $550. Further up, the March 25 swing high of $590 will provide some resistance. On the downside, the recent swing high at $342 may support prices. Below this, we have the round $300 number followed by the above mentioned $266. You can see the rest of the important levels on the chart below.
Market Adoption Continues
Despite the 60% fall in BTC prices in the last four months, market adoption, both on the customer and the merchant side, continues unabated. BlockChain.Info, a popular online bitcoin wallet service, recently passed the 1.5 million wallets mark. The number of bitcoin wallets doubled in the last four months despite the price decline.
Coupled with this, more and more merchants are offering bitcoin as a payment option. CoinMap.org, a directory of brick and mortar shops that accept btc, just passed the 4,000 mark. Naturally, merchant adoption is much higher for online businesses. BitPay, a bitcoin payment processor, announced that it surpassed 26,000 approved merchants on March 11. Six months ago this figure stood at 10,000.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.