Investment

The price of bitcoins hit $ 60,000 after the bulls pushed through a key cluster of resistance


Bitcoin (BTC) hit $ 60,000 for the first time on March 13, when the long-awaited continuation of BTC’s price run began.

1-hour BTC / USD spark plug chart (bitstamp). Source: Tradingview

BTC records another marginal price level

Data from Cointelegraph Markets and Tradingview monitored BTC / USD, as the pair finally exceeded historical levels after several weeks of slight corrections and a period of consolidation.

The bulls spent considerable time in limbo as the bitcoins tested the previous highs at $ 58,350 repeatedly, with a considerable zone of resistance under slowing progress.

In the end, however, optimism prevailed and the largest cryptocurrency by market capitalization secured its latest milestone. At the time of printing, the price action focused on an area just below $ 60,000 amid characteristic volatility.

As the price of bitcoins approached a previous all-time high, analysts at Whalemap observed ongoing interesting on-chain activity.

Realized HODL wool hats. Source: Whalemap

According to the research team:

“Realized Cap HODL waves show what percentage of realized capitalization belongs to HODLers of another type (1y-3y hodlers, 3y-5y and so on). Macro peaks usually occur when the market oversaturates FOMO. This can be found when a large percentage of the realized capitalization belongs to short-term liabilities (less than 6 months). The last macroprocesses were accompanied by more than 95% of the realized cap belonging to Hodler for less than 6 months. We are currently at 82%. “

A long way to a new price hurdle

Expectations of $ 60,000 and higher have been rising steadily in recent days. Like a Cointelegraph reported, professional analysts and traders were ready to announce the end of the previous bitcoin price action, as the indicators showed in favor of the bulls.

Standard narrative on sound metrics in the chain, combined with positive institutional support, has now contributed to confidence building. Now that the price of bitcoin has reached $ 60,000, many analysts have set their targets in the $ 72,000 zone, followed by about $ 100,000.

The total market capitalization of the cryptocurrency is now $ 1.118 trillion and the bitcoin dominance rate is 61.9%.



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