Bitcoin has been on a remarkable journey, marking its fifth consecutive day of gains with a staggering surge that saw its price climb nearly 15% in just three days. What’s behind this bullish momentum to drive BTC to $60k? Let’s dive in and let’s discuss our trades.
Big players have been making significant long positions, propelling Bitcoin’s upward trajectory. This surge in demand was further fueled by the recent approval of a new US spot bitcoin ETF, adding to the excitement surrounding the cryptocurrency.
As Bitcoin inches closer to the psychological barrier of $60k, bulls are firmly in control, steering the cryptocurrency towards impressive monthly gains of around 40%, the largest since October 2021.
A sustained break above the $60k mark could pave the way for Bitcoin to retest its all-time highs at $68,421 and $68,911, set in April and November 2021, respectively.
Despite the relentless rally, bulls seem unfazed, with demand remaining robust. However, it wouldn’t be surprising to see some profit-taking shortly, given the rapid ascent of Bitcoin in recent days.
As Bitcoin’s price edges closer to its all-time high in USD, it has already surpassed ATH records against various fiat currencies.
In recent days, Bitcoin has reached ATHs against several currencies including the Japanese yen, Malaysian ringgit, Indian rupee, New Taiwan dollar, South Korean won, Chilean peso, Australian dollar, Chinese yuan, South African rand, Norwegian krone, and Turkish lira.
These new ATHs against different currencies underscore the decline in their market values amid rising inflation. As inflation erodes the purchasing power of a currency over time, Bitcoin’s surge highlights its role as a hedge against depreciating fiat currencies.
As momentum has been shifting towards BTC, some traders have taken advantage of the wave up with long positions. Despite imperfect entries, many have closed their longs before hitting $60k, anticipating resistance in that range.
In conclusion, Bitcoin’s ascent past the $60k mark is a testament to its resilience and growing acceptance in the mainstream financial landscape. As the cryptocurrency continues to capture headlines, investors eagerly await what the future holds for this digital asset.
