Bitcoin Surpasses $ 60,000 and Points to New Highs

Bitcoin Surpasses $ 60,000 and Points to New Highs

Bitcoin is climbing above 60,000 and approaching new highs, breaking a narrow two-week range and fueled by talks about limited new supplies against evidence of wider adoption, Business Today reports.

The world's largest and most well-known cryptocurrency hit 61,222.22 on Saturday, its highest level in nearly a month.

Bitcoin is up 116% from the year low of 27,734 on January 4. It crossed the 60,000 mark for the first time on March 13, hitting a record high of 61,781.83 on the Bitstamp exchange, just after US President Joe Biden announced the $ 1.9 trillion of stimulus. fiscal.

Justin d'Anethan, a sales manager for digital assets company Diginex in Hong Kong, said investors had turned their attention to equity markets and other cryptocurrencies in the past two weeks, leaving Bitcoin dormant at the upper levels of $ 50,000.

"That changed yesterday, when we surpassed 60,000. With miners not selling recently minted coins, stock market reserves hitting multi-year lows, and a relentless flow of corporations, funds, large and small investors joining BTC, we moved forward.", aim.

Bitcoin's remarkable gains this year have been fueled by its widespread acceptance as an investment and means of payment, accompanied by the flood of retail cash in stocks, exchange-traded funds and other risky assets, Business Today highlights.

At the time of writing, the BTC/USD pair is targeting $59,900 again, less than $1,100 from all-time highs. Among analysts, expectations of Bitcoin reentering uncharted territory are predictably high.

A look at order book activity on major exchange Binance shows sellers lined up at $60,500, $61,500 and $62,000 before orders begin to dry up. On the buy side, $59,000, $58,000 and $57,000 remain strong areas of interest.

The resulting constriction of volatility, with Bitcoin sandwiched between major buy and sell interest, is a classic signal for the final stages of price consolidation. At 50 days, Bitcoin has now been in such a consolidatory regime since hitting $58,300 for the first time in the last week of February.

For popular Twitter trader Crypto Ed, the latest move is surprising, as just last week, more bearish signals filled the low-timeframe landscape. Sunday, in addition, was pointing to an incoming drop.

“Surprising PA this morning invalidating this idea,” he commented.

Created on 13th Apr 2021