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BTC$63931
ETH$3118
BNB$586
XRP$0.53
Bitcoin, the leading cryptocurrency, has regained its footing after approaching the $60,000 mark. Its next target? $70,000.
Having stabilized above the $60,000 milestone, Bitcoin is poised to set a new all-time high. The cryptocurrency is steadily climbing, reaching unprecedented levels.
BTC has already surpassed the $60,000 mark, with intraday trading prices nearing the multi-year peak of $65,000. This new high is only 4.8% below the previous record of $68,789 reached two years ago.
In historical context, Bitcoin has outperformed various fiat currencies globally. Despite these achievements, it has yet to surpass its highest value of $68,789 set in November 2021.
As of this article’s writing, the BTC cryptocurrency trades close to $65,200, with an intraday gain of 3.2%. Its real-time market capitalization stands at $1.28 trillion. The circulating supply is 19.644 million BTC, while the total token supply remains at 21 million.
Analyzing trading volume, BTC saw a substantial increase, with nearly $45.8 billion traded in the past 24 hours—a 95.2% growth from the previous day.
The current price surge is supported by the significant rise in trading volume, indicating strong momentum. Additionally, the volume-to-market-cap ratio of 3.45% suggests relatively low crypto volatility.
Technical indicators remain bullish, with BTC trading above the 20, 50, and 200-day moving averages. The exponential moving average (EMA) now acts as dynamic support for Bitcoin following its rebound from a correction.
At the time of writing, the relative strength index (RSI) stands at 83.65, while the simple moving average (SMA) is at 76.5. Both RSI and SMA are above their respective averages, signaling a prevailing bullish trend.
Bitcoin’s short-term outlook remains strongly bullish, with potential to break its historical high. Buyers are in control. Short-term traders and investors may target the psychological level of $70,000 as the next milestone.
On the other hand, bearish analysts hope for a price drop below $60,000, potentially leading to further downside levels at $57,000 and $55,000.
By the end of 2024, BTC tokens could reach a high of $911,800. In contrast, more pessimistic views estimate a year-end price of $79,500.
Sentiment: Positive
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