Bitcoin price attained a fresh record today, breaking through $63,991 and then managing to retain most of their latest gains
Bitcoin price attained a fresh record today, breaking through $63,000 this morning and then managing to retain most of their latest gains. At press time, BTC climbed to $63,707. After rising to these latest highs, where will the cryptocurrency go next?
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price traded to a new all-time high near $63,862 and it is likely to continue higher
Several market observers helped shed light on the matter, offering technical analysis on the digital asset.
Jon Pearlstone, the publisher of the newsletter CryptoPatterns, emphasizing that bitcoin was able to reach new highs today with strong volume:
“This rally is likely to meet the next resistance level at $65,000. Above that, there is pattern resistance in the $77,000 range, with little to stop bitcoin above that price until the psychologically key level of $100,000.”
Pearlstone emphasized that bitcoin prices could encounter some difficulty in the short-term, noting that:
“There are still multiple indicators that are overbought and the weekly chart has a bearish pattern that indicates a price reversal in the next 1-3 weeks.”
In other words, if Bitcoin is going to rally before suffering a pullback where it could test at least the $52,500, it will need to do so quickly. Bitcoin attained its latest record price the day before the Coinbase direct listing has scheduled to take place.
Kiana Danial, CEO of Invest Diva, also spoke to the market’s strength:
“The Bitcoin bull market clearly has more fuel left to push it further up despite the volatility.”
If Bitcoin fails to climb above $63,500 and $63,850, there could be a short-term downside correction. Initial support on the downside is near $62,850.
According to analysts, the Bitcoin price often spikes when news of the big guys entering the market. Two days ago, the cryptocurrency market reported that TIME magazine agreed to partner with the world’s largest Bitcoin fund, Grayscale, to make a series of videos around the cryptocurrency market. In the deal, TIME also agreed to be paid in Bitcoin and kept the largest cryptocurrency on its balance sheet.
Bitcoin has grown by more than 70% since the beginning of this year, after quadrupling in value in 2020. Bitcoin’s spike is driven by increased demand from large institutional investors, financial sources. cornucopia. However, many are also skeptical that Bitcoin could be one of the biggest bubbles in history.
Back in the market, Bitcoin surged, stimulating many other large-cap cryptocurrencies. In which, Ethereum increased 6.4%, XRP increased 27.7%, Cardano increased 7.9%, Polkadot increased 4.4%, Litecoin increased 7.4%, Stellar increased 14.3%. The strong growth of top cryptocurrencies pushed the total market capitalization to over $ 2,190 billion, or over 5%.
You can see the BTC price here.
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