Bitcoin has warded off a late desperate bearish charge to close the week above $60k for the first time in its history. The cryptocurrency wandered below $60k just before 00:00 hrs GMT but recovered swiftly to break the previous record.
Bitcoin has broken its previous all-time high weekly close by quite a margin earlier today. The previous high was recorded back on March 18 when the index was hovering around $59k. Now, the weekly record close is above $61k, $61.5k to be more precise. This has rejuvenated the bulls yet again and they can draw considerable motivation from it.
However, the weekly close in itself isn’t that big of a metric. The highest valuation ever achieved by the cryptocurrency is still to be broken. That was set back on April 14 when Bitcoin went to as high as $64.5k at one point. This shows that there is considerable work that needs to be done before the bulls can look to new all-time highs like $80k or possibly even $100k.
Bitcoin ventured below $60k for a brief time just at the close of the week. The digital currency posted as low as $59.1k in the process but came quickly back up as the bulls struck back. Now it is back above $61k and closing in on $62k at press time. However, the move above is precarious as the previous all-time high is right around the corner at $64.5k. So, while the bulls consolidate before the next move, the importance of $60k level support cannot be understated in the short-term. While it may drop below it yet again and the long-term bullish trend will remain but the short-term action can change if bulls can’t defend it.
The key crypto Exchange Traded Fund (ETF) approval by the Securities and Exchange Commission (SEC) of the USA is not a done deal yet. If the approval is rejected, the cryptocurrency may fall back to support levels below.
The Bitcoin mining difficulty index is currently near record levels and increasing at a very fast pace. The 20 trillion hash/s level is expected to be breached soon enough. According to independent monitors, the US’s share of the Bitcoin mining proceeds has increased considerably while China’s has decreased dramatically following a blanket ban imposed by their government. The US mining industry’s shift to a more green energy resource can also help alleviate emissions concerns around the industry.
Image Source: pixabay.com
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
