Bitcoin finally reclaimed a two-year high of $60,000 following a period of consolidation, where the price hovered around $55,000 for several weeks.
The breakout above the resistance resulted in the price action breaching the $60k threshold for the first time in over two years, setting the stage for bitcoin to test new levels.
As of the time of writing, the price is up 6.15%,marking a significant jump in the 24-hour trading period. Trading now at $60,482, bitcoin is poised to explore a new price range.
Image: collinstalkscrypto
Analysts attribute the upward trend to a combination of factors such as the rising optimism in Bitcoin ETFs and the upcoming halving.
Over the last few days, the SEC approved Bitcoin ETFs have surged significantly in daily trading volumes, with BlackRock’s IBIT leading the pack.
Ethereum's Surge Continues
Ethereum, the second most popular cryptocurrency, has continued to rally above $3,200, coinciding with Bitcoin price action. This uptrend signals a significant boost for the crypto market and a potential revival.
Meanwhile, as bitcoin keeps building a bullish momentum amid a positive market sentiment, the crypto winter may be screeching to a halt.
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
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