The Bitcoin price index posted another historical price increase today as it went above $60k for the first time in its 11-year existence. The top cryptocurrency by market capitalization posted an overall increase of around 5% earlier today.
Earlier today, the cryptocurrency was pushing above $57.5k and looking all set to challenge the previous $58.8k all time high. This level was recorded just a few weeks ago as the previous bull move stopped around this point before registering a short-term price correction back to $43k. However, the last five days have seen a change in shift in the cryptocurrency’s trends and the price index first went above $50k, then $54k and now finally above $58.8k in progressive steps culminating with the move above $60k earlier today.
However, the move above has not yet cemented which is against earlier predictions. According to experts, the cryptocurrency should have sailed right through the psychological resistance of $60k but it is stalling around that point. At press time, the price is still $59.8k and alternating constantly above and below $60k at the moment. So, there is no surety that the cryptocurrency will bounce right ahead and start scaling the next big resistance of around $70k. But, the momentum is heavily in favour of the bulls at the moment as right now, another all-time high has been breached. So, it is highly likely that the cryptocurrency will push forward even if it takes a little time to respect the $60k resistance.
The overall market capitalization of Bitcoin is at around $1.1 trillion and increasing. However, the overall market capitalization of the cryptocurrency sector as a whole hasn’t seen a considerable increase because the price boom hasn’t yet shifted to the altcoin market. A majority of the other cryptocurrencies failed to capitalize on Bitcoin’s lead today towards new highs. However, the altcoin market usually responds after a day or two and so we may see another season of altcoin boom soon. But, that depends on the current rally of Bitcoin itself and how long it decides to stretch its current rally.
Going forward, if the $60k resistance is scaled quickly enough, the immediate next target for the bulls is $70k around which the fibonacci retracement has its next peak from previous highs of around $58k.
Image source: pixabay.com
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