Bitcoin has been on a remarkable journey, marking its fifth consecutive day of gains with a staggering surge that saw its price climb nearly 15% in just three days. What’s behind this bullish momentum to drive BTC to $60k? Let’s dive in and let’s discuss our trades.
Why The Sudden Surge to BTC $60k?
Big players have been making significant long positions, propelling Bitcoin’s upward trajectory. This surge in demand was further fueled by the recent approval of a new US spot bitcoin ETF, adding to the excitement surrounding the cryptocurrency.
As Bitcoin inches closer to the psychological barrier of $60k, bulls are firmly in control, steering the cryptocurrency towards impressive monthly gains of around 40%, the largest since October 2021.
A sustained break above the $60k mark could pave the way for Bitcoin to retest its all-time highs at $68,421 and $68,911, set in April and November 2021, respectively.
Despite the relentless rally, bulls seem unfazed, with demand remaining robust. However, it wouldn’t be surprising to see some profit-taking shortly, given the rapid ascent of Bitcoin in recent days.
Some Countries Celebrate New All-Time High Already
As Bitcoin’s price edges closer to its all-time high in USD, it has already surpassed ATH records against various fiat currencies.
In recent days, Bitcoin has reached ATHs against several currencies including the Japanese yen, Malaysian ringgit, Indian rupee, New Taiwan dollar, South Korean won, Chilean peso, Australian dollar, Chinese yuan, South African rand, Norwegian krone, and Turkish lira.
These new ATHs against different currencies underscore the decline in their market values amid rising inflation. As inflation erodes the purchasing power of a currency over time, Bitcoin’s surge highlights its role as a hedge against depreciating fiat currencies.
My Trades
I don’t mean to brag, but….
As momentum has been shifting towards BTC, I rode the wave up with a couple of longs. The entries weren’t perfect. I was traveling and on flights, but with the volume and headlines all over the world of new all-time highs. It felt like a good time to throw in some longs.
I closed the longs before we hit $60k, as I believe this is the resistance range. Let’s keep an eye on this level and see if we can find a new entry.
Last Words
In conclusion, Bitcoin’s ascent past the $60k mark is a testament to its resilience and growing acceptance in the mainstream financial landscape. As the cryptocurrency continues to capture headlines, investors eagerly await what the future holds for this digital asset.
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You might also like our blogs about $ETH and $UNI of last week.
