Bitcoin$ 28,946.00 3.08%
Ethereum$ 1,747.79 10.67%
Cardano$ 0.460591 11.00%
XRP$ 0.390875 4.36%
Solana$ 41.96 13.39%
Polkadot$ 8.86 10.95%
Polygon$ 0.5767 12.40%
LINK$ 50.81 3.29%
Litecoin$ 61.87 9.50%
Avalanche$ 22.12 20.39%
Uniswap$ 4.94 13.90%
Aave$ 94.77 9.70%

Bitcoin has Highest Ever Weekly Close Above $61k

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’s Highest Ever Weekly Close

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.

Things to Watch Out in Bitcoin

The $60k resistance-turned Support

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.

ETF Approval is still not a Done Deal

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 Difficulty Index is through the Roof

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

Talha Dar

Talha Dar

Cryptocurrency and blockchain enthusiast. Working on free economy and borderless solution side of things. Live and breathe crypto!

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