Bitcoin on steady trajectory to hit $60,000

Bitcoin (BTC) has been under heavy burden from speculators, but despite that, the crypto still managed to register its record highs above $58,000.

The top digital asset has had a steady winning streak since it fell to $42,800 last month. Bitcoin’s most recent surge above the $56,000 level set the stage for gains and, on course to $58,000 — and even $60,000.

BTC continues to trade higher Wednesday, unfazed by a looming U.S. inflation data that could escalate worries of an early unwinding of monetary boost by the central bank.

Other cryptos mirror BTC’s rise

Bitcoin hit a two-week high of $55,822 earlier Thursday following a five-day rally that saw prices climb their way back from under $47,000. The need for higher support is to make sure bitcoin remains firm in its quest for higher peaks.

Market observers who monitor price-chart patterns noted that bitcoin’s ascent to about $54,000 could position the leading virtual currency for a fresh advance toward February’s record price above $58,000.

Other in-demand cryptocurrencies have mirrored bitcoin’s movements, including ethereum (ether), dogecoin (DOGE), and litecoin. All three have soared in value by between 5 and 15% in the last seven days.

Bitcoin barreling past the $58,000 level will be a major milestone that is likely to spark large-scale buy orders as buyers expect the breakthrough to approach $60,000.

Longest winning streak

Bitcoin was on track for its fifth consecutive daily increase, the longest winning streak for 2021, as a pullback in U.S. government-bond yields revived demand for volatile assets like tech stocks and cryptocurrencies.

Bitcoin’s latest climb in value is part of a much broader trend that has seen the crypto’s price grow more than ten times over the last year.

Meanwhile, figures by Santiment indicate that Bitcoin supply on crypto exchanges has been relatively steady since the start of the month. Simply put, the bitcoin market is enjoying stability as bulls concentrate on higher levels.

 

Image courtesy of Moose Photos/Pexels

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