On the 21st of last month, BTC achieved a new peak price. Today, about three weeks later, it has broken that previous high. More importantly, it’s on course to break this new ATH that it just attained today.
BTC About To Break The $60K Price Bar
Bitstamp reports that BTC currently trades at over $59K. The crypto market went through a crazy period this past month, and most crypto enthusiasts had started wondering whether that’s the end of its bull cycle. That’s not true. In the past week, BTC price has been on an amazing uptrend reaching one green candle after another. After hitting the green candle for seven successive days, the king coin has soared above its previous peak price from the 21st of last month. As of this moment, BTC price trades at $59.5K; a 4% surge within 24 hours and an 18% increase over 1 week. This is an astonishing achievement bearing in mind that it suffered a 25% correction in the last week of last month.
BTC/USD by Bitstamp. Source: TradingView
Will BTC Bullish Run Ever End?
Even though the market cap of the whole crypto industry is about $1.8 trillion, bitcoin’s market cap alone is more than $1 trillion. BTC continues to dominate other crypto assets at about 62%, an increase of about 2% within the last four days. It is an indication that the leading cryptocurrency isn’t ready to give up its top spot to any altcoin or crypto asset. Most crypto traders, analysts, and followers have been surprised by the scale and pace of bitcoin’s price movement over the past few days (as they should be) since it has been fluctuating between $47 and $54K in recent weeks. Surprisingly, BTC’s new peak price happened a little over a year after black Thursday – the day the cryptocurrency fell to $4K on trade platforms. But it has been on an uptrend since that time.
Why BTC’s Bullish Trend May Continue?
We need to keep in mind that some crucial events helped BTC surge past the $50K and $55K price. One such event was Microstrategy’s investment of $600 million in BTC and the billion-dollar investment from Tesla. On-chain metrics also influenced BTC’s bullish run in recent weeks and even months. We can expect a new ATH in the next few weeks or months since there has been a massive shortfall in BTC supply at crypto exchanges which is almost at levels seen towards the end of last year. While there has been a rise in whale transactions in recent times, there are still many holders who are yet to sell at massive profit margins. Thus, it seems that they are still hopeful that the BTC price surge will continue even if it would be for another short period. Also, this week, there has been a spectacular surge in the price of every asset that trades the dollar and that includes BTC, gold, and the stock market probably because experts are demanding a new all-time high in the S&P 500.
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