To the moon? The bullish Bitcoin price is hitting another barrier

Bitcoin price has broken a significant resistance barrier to hit a new all-time high of over $ 60,000 and it looks like the bulls aren’t done yet.

Bitcoin was tested and was just above the $ 58,000 mark, with that level acting as a barrier that the token found difficult to break. Every time Bitcoin price approached, it fell back due to factors such as investor selling or whale activity.

Eventually, however, the value of Bitcoin broke the barrier and at the time of writing it foresees a price of over $ 61,246. This corresponds to an optimistic increase in daily trading of 7.86% with a rise in the weekly trading price of a whopping 23.30%. If you look at Bitcoin’s chart price over the past week, it’s obvious that the token’s trajectory has steadily risen with corrections along the way.

Source: CoinMarketCap

As the research team at Bitcoin analyst firm Whalemap noted, this steady surge has been a historic trend in Bitcoin over the last few bullish cycles of the past decade. The graph below implies that Bitcoin price may not be at its peak during this currency rally and that only more positive activity may be ahead.

The team found:

“Realized cap HODL waves show what percentage of the realized capitalization belongs to HODLers of different types (1y-3y-Hodler, 3y-5y, etc.). Usually macro spikes occur when the market is crowded with FOMO. This can be determined when a large part of the realized capitalization belongs to short-term hodlers (younger than 6 months). The last macro-tops were accompanied by more than 95% of the realized Cap-Hodlers of less than 6 months. We are currently at 82%. “

Where is Bitcoin going?

If Bitcoin continues on this positive course and adds support from investment firms and large retailers, the next level could be lowered to break soon. Analysts believe the next level that could be difficult to break is at $ 72,000. If the cops break that, the cryptocurrency could aim to test $ 100,000.

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