Bitcoin Has Broken the $61,000 Mark
Growing bullish sentiment in the market has seen Bitcoin rise above the $61,000 mark.
The price of Bitcoin is up 5.4% in the last 24 hours and 15% in the last seven days. At the time of writing, the asset is trading at $61,800, approaching a multi-year all-time high. Over the past 24 hours, global market capitalization rose 3% to $2.3 trillion.
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Bitcoin continues to get a boost from crypto funds, which are attracting an increasing number of institutional investors. As of Wednesday morning, the trading volume of crypto funds amounted to $3.8 billion. The growth of the main cryptocurrency is also conditioned by the upcoming halving: this event is already included in the price expectations of investors.
From a technical point of view, Bitcoin gained new bullish momentum after it broke through the resistance level of $56,000. On the hourly chart, an upward channel with resistance around $57,650 was formed, and the bulls managed to test $58,800. The main resistance is the $60,000 mark, which Bitcoin is now targeting. The next resistance levels are at $60,094 and $61,380.
The RSI index, which is currently at 80, indicates overbought, while the 50-day EMA at $52,990 provides a solid base of support. On the negative side, Bitcoin could fall to support levels of $56,000, $54,250, and $53,200.
This is not a 100 percent statement. The cryptocurrency market is very volatile. Investors should keep in mind the importance of DYOR.
