Bitcoin is now trading at $64k, and the price of the currency is showing some serious strength. We are seeing it slowly move towards its all-time high as there is some resistance at this level. Even yesterday, the price fell back after touching $64,500, which is just $400 shy of its top. So, with some good volume, we can soon expect the price of Bitcoin to move past its ATH. A good volume is essential because otherwise, we might see a price rejection and see some retracement.
The price action
There are two scenarios from here on. We could either see the price of Bitcoin blast off and make a new high towards the $70k mark. After this, there could be some correction, and BTC should confirm support at its old ATH to continue the rally. We could also see a rejection from its ATH, which is also not very unlikely. If that happens, $60k will be an important support level, and it should hold to push the price of BTC again to its ATH for retesting. I am expecting, if not the first time, BTC will be able to clear the resistance at the top the 2nd time.
Ultimately, a lot of good things are happening in the space as yesterday, the first BTC ETF, BITO, got approved. And now Facebook’s digital wallet Novi finally got launched after 2 years of waiting. So, all this is creating a very positive air around the subject of cryptocurrencies. The on-chain metrics also look good, with most of the Bitcoin supply being stagnant and most new users are trading or accumulating the remaining small portion that is actively circulating in the market and changing hands.
Things look good
With the first BTC ETF approval, Bitcoin has also gained 10% of Gold’s market cap at $1.2 trillion. The institutional adoption is also looking good, with $105.8 billion in corporate treasuries. This accounts for 8.81% of BTC’s market cap. And as Bitcoin nears its all-time high, we can expect huge FOMO, which will push the price to new heights. As of now, things look very good for BTC and the entire crypto market. Yes, alts could bleed for a while as BTC rises, but alt season is also coming.
What are your thoughts as Bitcoin nears its all-time high? And do you think we will see a new ATH this week? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.