Bitcoin (BTC) challenged levels within 10% of all-time highs on March 10 as strength in the U.S. dollar failed to dent the bullish trend.

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

$56,000 resistance is adjacent BTC price hurdle

Data from Cointelegraph Markets and TradingView tracked a improvement from an overnight correction for BTC/USD on March 10, with the pair targeting $55,000.

After hitting two-week highs of $54,500 the previous day, Bitcoin improved on its operation to hit $55,700 before encountering a strong band of resistance and heading lower.

The latest resurgence underscores new-found strength in the largest cryptocurrency this month, something that continues to accept it to within striking distance of historical all-fourth dimension highs at $58,300.

"Beautiful rejection on the $56,000 area for #Bitcoin hither. Then far, everything fine," Cointelegraph Markets analyst Michaël van de Poppe commented most the by 24 hours' activity on Twitter.

"If the $52,000 surface area holds, we tin see further sideways action and renewed tests of $56,000. Nonetheless, again, $52,000 is critical to hold to avoid further downwards moves."

At the time of writing, in that location was little indication that a retest of $52,000 was imminent, equally hodlers celebrated even so more than institutional investors entering the Bitcoin adoption race. This time, information technology was American Residential Warranty, which teamed upwardly with substitution Gemini to invest.

"And some other company has decided to put bitcoin on its balance sheet," Gemini co-founder Tyler Winklevoss responded.

Orderbook data from Binance, the largest commutation by volume, shows sellers lined up at $56,000 and upwards, with strong back up bachelor beneath $49,000.

BTC/USD support and resistance levels (Binance). Source: Material Indicators/Twitter

DXY growth spares Bitcoin fresh downside

Elsewhere, March has connected to produce an interesting countertrend for Bitcoin traders, with the U.South. dollar flipping to a correlated asset from an inversely correlated one.

As Cointelegraph often reports, the U.S. Dollar Index (DXY) tends to spark downward force per unit area on Bitcoin when it strengthens quickly, with the reverse also true. While this was a key feature of the market mural throughout 2020, this year has seen the phenomenon's strength begin to erode.

Over the past two weeks, both the DXY and BTC/USD have gained in tandem.

BTC/USD vs. DXY iv-hour nautical chart. Source: TradingView