Bitcoin recently went above $60k again and has posted a maximum of $62.9k price during the last few days. The price has come down a bit to just below $61k but most of the appreciation has been sustained by the bulls, bringing it to unchartered waters; the index is now nearing a new all-time high weekly close.
If Bitcoin maintains its rise above $60k for the next few hours, it will be the highest weekly close for the digital currency. The top cryptocurrency has went even higher than the highest figures we saw earlier this week. Back on April 14, the digital currency recorded a massive $64.5k. It was a Wednesday but the index couldn’t sustain it above $60k by the end of Sunday on April 18. It was trading below $58k by the week’s end. Now, we are just hours away from the highest weekly close in the history of Bitcoin and that is saying something even if the index couldn’t go above the $64.5k all-time high level itself.
Interestingly, despite the cryptocurrency recording its highest valuation back on April 14th, the weekly close on Sunday, April 18 wasn’t even the highest close back then. That statistic actually belongs to the March 14 close earlier this year that was above $58k. So, if the bulls can keep Bitcoin above $60k, it will actually break March 14’s record.
The weekly close is only a short-term metric and doesn’t affect the cryptocurrency’s price index too much in the long-term. Especially in bull runs, the short-term trend is not as important and it is actually the long-term that matters. Even if the cryptocurrency takes a dive below $60k for a short while, it won’t affect the long-term bullish cause too much as several key indicators are very much in green territory right now. Bitcoin HODLing in long-term wallets is nearing all-time high levels and the amount of crypto held in exchanges is also quite low overall. So, the overall outlook is very positive, with or without the close above $60k.
The Bitcoin price index is consolidating above $60k. A successful bullish consolidation will only favour the long-term uptick and as a result, the digital coin is expected to rise further above the previous all-time high levels. If the index begins to fall slightly below $60k, it might slip back into oversold conditions and thus recover with a great vengeance later on.
Image Source: pixabay.com
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