Bitcoin eyes $60K while NuggetRush sells over 200M tokens in presale: Here’s why

Bitcoin price has seen a huge surge in price today, pumping over 10% to trade around $56,300 at press time – its best single-day performance so far in 2024. This has brought Bitcoin close to its all-time high of around $68,000 reached in late 2021. So, BTC is a hot story right now in crypto.

In other news, a new meme coin called NuggetRush (NUGX) is currently in stage 5 of its presale with over 200 million tokens sold. Ongoing presale will run for another 7 days before the token goes live for trading.

Bitcoin Price Analysis

As mentioned, Bitcoin has exploded higher today, rising over 10% to hit its highest levels since the 2021 bull market. The most famous cryptocurrency currently sits around $56,300, taking its market capitalization to over $1.1 trillion. For reference, Bitcoin’s all-time high market cap stands at $1.27 trillion, meaning BTC is now getting close to revisiting those record levels.

Looking at the past 24 hours of price action, Bitcoin rallied from an intraday low of around $51,050. This sharp move triggered nearly $400 million worth of liquidations across cryptocurrency exchanges, with Bitcoin accounting for around half of that figure.

Analyzing the BTC/USD price chart, we can see the formation of an ascending channel (blue lines) that Bitcoin has been trending inside since the beginning of the current bull cycle in late October 2023. The only major downtrend came in mid-January when prices fell from $49k down to $39k briefly before recovering. Since then, BTC has stayed comfortably inside this ascending channel, making consistently higher highs and higher lows.

If Bitcoin remains inside this channel over the next few weeks, until mid-March, we could see prices climb towards $60,000. A breakout above the channel could also open the doors for a retest of all-time highs near $68,600 before Bitcoin’s next halving event scheduled for April.

On the other hand, failing to hold inside this channel could lead to a retest of support around the $45,000 to $48,000 area.

Historically, Bitcoin tends to see significant ral

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Author: AMBCrypto Team

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