Bitcoin traders worry as BTC price remains pinned below $50K

The price of (BTC) has failed to break above the psychological $50,000 resistance going into the weekend and has dropped below the $48,000 level on March 6.

1-hour candle chart (Bitstamp). Source: Tradingview

Now traders are watching whether BTC/USD can break above the $50,000 level to resume the bull cycle. Conversely, a drop below the recent lows below $46,000 will likely open the door to new lower lows, which may then pose a threat to the bull run that has been in place for almost a year, at least in the short to medium term.

Whales (blue) vs. Miners (orange) vs. BTC price (red). Source: CryptoQuant
BTC (blue) vs. DXY (orange). Source: Tradingview