Bitcoin Climbs Above $66,000
Bitcoin briefly rose above $66,000 overnight.
Over the past 24 hours, the price of the major cryptocurrency has risen 4%, briefly crossing the $66,000 threshold. At the time of writing, Bitcoin is trading around the $65,200 mark.
The market is recovering from pressure from the German government's Bitcoin sell-off. And the pressure from the initiation of the Mt. Gox payout has proven to be exaggerated. The exchange continues to move billions of dollars worth of Bitcoin ahead of the upcoming payouts to creditors, but that hasn't affected the rally.
Traders are pricing the market two steps ahead, and now seem to be weighing the possible outcome of the U.S. presidential election. Recently, one of the candidates, Donald Trump, picked J.D. Vance as his running mate. Vance is known as a cryptocurrency supporter who supported the repeal of the SAB121 bill and holds more than $100,000 worth of Bitcoins. Some experts believe that the move has had a favorable impact on the cryptocurrency market.
From a technical perspective, experts see the beginning of a bullish trend for Bitcoin. Analysts from CryptoQuant explained that the asset could enter a recovery phase based on the NVT gold cross data. Meanwhile, Ali Martinez warned that Bitcoin should consolidate above the $62,500 level to support a recovery before returning to all-time highs.
Glassnode, on the other hand, argues that the Bitcoin price has experienced short-term relief from sellers. Analysts believe that increased institutional demand last week, overrode selloffs from the German government, which drove the Bitcoin price higher.
Bitcoin has broken the critical support level at $65,000. Rekt Capital noted that the asset is now targeting to reach $71,500. In that case, the next significant level would be Bitcoin's all-time high of $73,649. However, not everyone agrees with this opinion. According to CoinGlass, about $1.47 billion in short positions will be liquidated at $71,500. In other words, many traders are betting that Bitcoin will not reach that mark.
