Share this article
Bitcoin (BTC) surpassed the $60,000 price mark and sits at $60,512.68 at the time of writing after an 18,7% price leap in the last seven days. According to data aggregator CoinGecko, the last time BTC stayed above this price level was on November 20, 2021.
The massive gains resulted in over $120 million in liquidations by traders betting on a price pullback from Bitcoin, data from Coinglass shows. Ethereum contracts also showed significant liquidation volume, with over $50 million of short contracts going red.
Ben Caselin, CMO of crypto exchange VALR, attributes the price increase to institutional accumulation driven by BlackRock and other ETF issuers, as well as corporations such as MicroStrategy. However, he highlights that this could be only the beginning, and Bitcoin price “is likely to soar considerably higher, especially in light of the upcoming Halving.”
“What’s also interesting to note is that while Bitcoin is approaching its previous all-time high at $69,000, in a number of countries, such as South Africa, Nigeria, and even Japan, Bitcoin has already reached new highs. There is clearly something very wrong with the global economy and Bitcoin acts as a signal for that,” Caselin adds.
The trader who identifies himself as Rekt Capital shared on X that “the time for deeper pullbacks has ended,” adding that the BTC pre-halving rally should last more weeks before another pre-halving retrace.
In another X post, Rekt Capital shares his read that only two major resistances, located at $61,000 and $65,000, are holding Bitcoin from hitting new all-time highs. Meanwhile, the “Bitcoin Fear and Greed Index” is
Go to Source to See Full Article
Author: Gino Matos
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
