Bitcoin has been on an incredible journey, posting five consecutive days of gains, with a massive surge that saw the price rise nearly 15% in just three days. What’s behind this bullish momentum pushing BTC to $60,000? Let’s discuss trading in earnest.
Why the sudden surge to $60,000 in BTC?
Large players have taken significant long positions, fueling 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 approaches the psychological barrier of $60,000, the bulls are firmly in control and leading the cryptocurrency to an impressive monthly gain of around 40%, the biggest since October 2021.
A sustained break above $60,000 could pave the way for Bitcoin to retest the all-time highs of $68,421 and $68,911 set in April and November 2021, respectively.
Despite the relentless rally, the bulls appear unwavering and demand remains solid. However, given Bitcoin’s recent rapid rise, it would not be surprising to see some profit-taking sooner rather than later.
In some countries, it has already reached record highs.
As the price of Bitcoin approaches its all-time high in US dollars, it has already surpassed ATH records for various fiat currencies.
Recently, Bitcoin reached ATH 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 for various currencies highlight the decline in market value due to rising inflation. As inflation erodes the purchasing power of currencies over time, Bitcoin’s surge highlights its role as a hedge against falling fiat values.
my deal
I don’t mean to brag, but…
As the momentum shifted towards BTC, I rode the wave with a few buys. The item was not perfect. I was traveling and flying, but the volume and headlines were at new all-time highs around the world. It seemed like a good time to invest a little time.
I closed my buy before $60,000 was reached as I believe this is the resistance range. Let’s keep an eye on this level and see if we can find any new items.
last words
In conclusion, Bitcoin surpassing $60,000 is evidence of Bitcoin’s growing resilience and acceptance in the mainstream financial environment. As cryptocurrencies continue to make headlines, investors are eagerly waiting to see what the future holds for these digital assets.
If you like our content, you can support us by signing up for a Bybit account through our referral link. Don’t forget to claim your bonus if you buy/sell or trade cryptocurrencies.
You might also like last week’s blog about $ETH and $UNI.
