The world’s top-ranked cryptocurrency Bitcoin (BTC) is once again in an extremely bullish mood as it has recorded a fresh all-time high value by surpassing above the figure of $32,000. This breakout has come a few hours after the flagship cryptocurrency broke the psychological level of $30k on the second day of the year 2021.
Within the duration of the last 24 hours, the leading digital currency has broken three crucial resistances. Firstly, it achieved a breakout of $30,000 by posting a rally of 5%. Only one hour after the coin blew past this price level, it tore through the figure of $31k. The cryptocurrency community was still celebrating this bullish breakout of the primary cryptocurrency it recorded another significant milestone by setting a new all-time high value above $32,000. As per data from CoinMarketCap and Trading View, the price value of BTC even skyrocketed to $32,862 and was on the verge to break $33k as well.
This breakout has occurred as a result of the massive buying activity by Bitcoin holders witnessed on the platform of the leading San Francisco-based cryptocurrency exchange Coinbase. Reportedly, buyers are aggressively accumulating more and more Bitcoin (BTC). This is the driving factor that has propelled the price growth of BTC towards this new all-time high value.
After nearly touching the mark of $33,000, the price of BTC has slightly moved down. At the press time, the price value of Bitcoin is trading at around $32,250 with a positive price increase of more than 9 percent in the last 24 hours.
The world’s largest digital currency by market value is now looking to test the resistance of $33,000 in the short-term case scenario. The next two crucial resistances are $34k and $35k, respectively. Some crypto analysts think that the primary cryptocurrency is heading toward $40,000 and will cross this level very soon.
Meanwhile, the market capitalization of Bitcoin has also skyrocketed above the $600 billion mark. This is another significant achievement for the first-ever decentralized digital currency as it has surpassed this milestone for the first time in its entire history.
Bitcoin is still at the peak of its bull run and it is all because of the rising demand from institutional investors. Throughout the year 2020, institutional interest remained on a rise. A large inflow of institutional investors into Bitcoin is expected in the year 2021 as well.