The world’s largest cryptocurrency bitcoin enjoyed a bright trading session on Tuesday, having rallied more than 2% against the US dollar.
Bulls continued to push bitcoin higher earlier today, but the BTC/USD pair has since been rejected at the $59,500 resistance point.
At the time of writing, bitcoin was trading at around $57,500 marking a 3.6% decline from intraday highs.
Bitcoin’s star has fallen since smashing all-time highs of more than $73,000 in March this year.
Bitcoin’s sluggish monthly performance – Source: tradingview.com
A combination of substantial exchange-traded fund inflows, interest rate optimism and FOMO pushed the benchmark cryptocurrency higher, but the market has since cooled.
Week on week, bitcoin is down 7% and more than 24% over the past month.
The Binance order book shows a degree of selling pressure at the $58,560 price point, making for an ambitious short-term resistance level for the bitcoin bulls.