Bitcoin witnessed its price touching $57,000, the level it explored in May this year.
Bitcoin extended its uptrends on Tuesday as market players predict that the flagship crypto will explore its peak highs recorded this year. Keep in mind that Bitcoin hovered around the $65K levels in 2021 April. Meanwhile, the positive actions over the past sessions witnessed BTC rising to $57,000 on 11 October. That had the asset hitting its five-month high.
The past 24 hours saw the digital coin increasing its value by 2.32% to stand at $57,300 early today (Coinmarketcap). Several factors contribute to the sudden upswing in BTC’s price. One of the triggers is the US Securities & Exchange Commission approving ETFs. Also, the growing crypto adoption and popularity have boosted BTC’s value since the past week.
ZebPay Trade Desk commented on the significant rally that the leading digital coin has had. Its analysts believe that Bitcoin has removed all traces from China’s crypto mining attack. That was due to the sturdy momentum and attractive volumes that the trillion-dollar coin boasts.
For now, Bitcoin trades 15% high over the last seven days. With that, the world’s largest coin reclaimed the $1 trillion market cap mark once more. While writing this content, BTC has its dominance over other assets at 46%. The rally has led to increased confidence and enthusiasm among crypto participants. For now, long-term Bitcoin forecasts remain massively bullish.
Bitcoin recorded a breakout past the descending trend-line and created a “Higher Top Higher Bottom” before surging beyond the persistent resistance at $53,000, its previous high before facing a sharp retracement. For now, BTC consolidates at higher zones as it trades inside the $56K – $54K range.
If bulls hold the $53,000 support, Bitcoin can gather enough momentum to surge towards $60,000. Increased bullishness from here will have the dominant crypto hitting its historic peaks at $65,000. However, bearishness to breach the $53K support might see BTC retracing to $46,500.
Meanwhile, alternative tokens appear slow as ETH, ADA, DOT, and DOGE traded low on 11 October. Coinmarketcap data shows that Ether declined by 0.47% to $3,460, while Cardano dropped 5.48% to $2.09 in 24 hours. Polkadot (-6.17) and Dogecoin (-4.35%) followed with considerable losses.
Bitcoin hovers at $57,349 at this publication. JPMorgan revealed that institutional investors are interested in BTC at the moment. That is because the digital coin seems better than gold as an inflation hedge. With such supports, analysts believe Bitcoin will hit $65,000 this week. Feel free to share your opinions below.
