Bitcoin to the moon – Analysts Peter Brandt and Gert van Lagen see Bitcoin touching $200,000 during the bull run. While bullish volatility has returned to the king of cryptocurrencies, analysts are once again extremely bullish. Be careful though, if Bitcoin reaches $200,000, it will go through more or less significant corrections. Indeed, it is not uncommon to experience corrections ranging from 10% to 30% during bull markets.
BTC has just touched the psychological round number of $60,000, and operators seem to continue to bet on the king of cryptocurrencies. The latest report from CoinShares shows that capital is flowing into BTC. Here is today’s bulletin!
Bitcoin price rises 7% in 24 hours
The king of cryptocurrencies is impressivehe has just found the psychological round number of $60,000. In fact, the price of Bitcoin is climbing 7% in 24 hours and almost 20% in one week :
| Peer | 1H | 24H | 7D | 1M | 3M | 6M |
|---|---|---|---|---|---|---|
| BTC/ETH | 0.50% | 3.69% | 2.77% | -2.83% | -2.26% | 14.23% |
| BTC/USDT | 1.28% | 6.78% | 18.54% | 43.66% | 60.18% | 132.81% |
| BTC/USD | 1.27% | 6.78% | 18.54% | 43.61% | 60.11% | 132.69% |
| Bitcoin is underperforming Ethereum over the last month with -2.83% while the price of BTC in USD has increased by 43.61%. | ||||||
Bitcoin performance against different pairs. Source: Coincheckup
BTC shows an increase of 44% in one month and of 60% in three months. Now the BTC/ETH pair is up by almost 4% in one week. With this recent buyer reaction on the BTC/ETH pair, the pair climbs almost 3% in one week.
More than $500 million in liquidations in 48 hours
When there is volatility on the financial markets, movements are faster and some operators can be trapped. A majority of sellers got trapped during the recent rise. In fact, the market records $560 million in liquidations between February 26 and 27:
The Coinglass site estimates that there was $350 million in liquidations on the sellers’ side. On Bitcoin, the market recorded no less than $250 million in liquidations. There have not been so many since December 4, 2023 according to Coinglass.
Bitcoin price is back at $60,000
BTC shows a bullish momentum in 4H time unit. The price has just passed above the last resistance located around $59,000 :
THE buyers continue to have control over the price of BTC. The next solid resistance is located at the level of $64,500. For this, it will be necessary maintain resistance level turned support at $59,000. In case of loss of $59,000the price could return to the level of $57,500. In this case, the institutional bias (EMA 9/EMA 18) bullish could act as dynamic support. The RSI displays a bullish momentumTHE buyers have the advantage of momentum.
The price of Bitcoin continues its crazy rise towards its last all-time high around $69,000. Along the way, the market liquidates the sellers. Indeed, no less than 560 million liquidations have been recorded, and more are added as the rise continues. If the momentum continues, Bitcoin price could return to resistance at $64,500. Thanks to this violent increase, MicroStrategy’s jackpot exceeds 10 billion dollars.