Bitcoin price shows bullish signals as it continues to rally to surpass $62,000

Bitcoin price shows optimistic signals as it continues to rise to surpass the $62,000 mark this morning. At the time of writing, BTC is changing hands at $62,381, up nearly 3% in the last 24 hours.

bitcoin-price-shows-bullish-signals-as-it-continues-to-rally-to-surpass-62000

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price held steady above $61,000 and rallied over $62,000

Bitcoin price recently reversed to a substantial increase due to receiving a lot of positive information. In the last 24 hours, the leading cryptocurrency traded the highest at $62,532 and the lowest trading recorded at $59,055.

Data from CoinMarketCap shows that the amount of Bitcoin traded in the past 24 hours is about over $30.2 billion, and the market capitalization recorded $ 1.175 billion.

Many professional traders attribute Bitcoin’s recent strong rally to a series of positive news, including the fact that the US Securities and Exchange Commission (SEC) has received around 40 Bitcoin ETF applications and is currently working during the review and approval phase. In addition, Bitcoin is receiving positive feedback from leaders of financial institutions.

Morgan Stanley CEO James Gorman recently made some positive comments about Bitcoin. Specifically, James Gorman believes that cryptocurrencies are not a fad and will not go away.

“I don’t know what the value of Bitcoin should or shouldn’t be. But these are not going away, and the blockchain technology that powers it is very real and powerful,” he said.

As AZCoin News reported, Grayscale Investments plans on applying to convert the world’s biggest Bitcoin fund into a spot exchange-traded fund (ETF) early this week.

Many investors believe that the Bitcoin price will continue to move higher. There are even predictions that Bitcoin price may reach $100,000 by the end of the year. Bitcoin is up, but the market still lacks momentum; many large-cap altcoins are still in place.

The current Top 10 CoinMarketCap only has Ether showing significant gains. Ethereum has returned above $3,900 for the first time in about six weeks, and an interesting phenomenon has been the absurdly rising miners’ balance. In the past three months, miners have added 580k ETH to their currently held 658k.

bitcoin-price-shows-bullish-signals-as-it-continues-to-rally-to-surpass-62000

Source: Santiment/Twitter

While high volatility cannot be ruled out in the near term, investors should focus on the main trend and not get caught up in minor corrections, part of the path to a new all-time high.

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