Bitcoin Price Surges to New ATH Above $71,000
The price of Bitcoin (BTC) has reached a new all-time high (ATH) above $71,000, as the sentiment among crypto investors towards reaching $100,000 gains momentum. This surge in Bitcoin’s price has also led to other cryptocurrencies climbing higher, with Ethereum (ETH) surpassing $4,000 again and top altcoins such as XRP, SOL, ADA, DOGE, and SHIB experiencing sudden 3-8% leaps.
Ethereum’s price reached a high of $4,015, driven by an 80% increase in trading volume over the past 24 hours. This indicates significant interest among traders ahead of the Dencun upgrade.
Bitcoin Price Breaks Above Amid Renewed Sentiment
The price of Bitcoin (BTC) has suddenly surged above $70,000, reaching a new all-time high of $71,646. This increase of over 4% in the past 24 hours is due to renewed sentiment and other factors that have been driving the digital currency’s consistent upward trend since the beginning of the year.
This surge is supported by news that the London Stock Exchange (LSE) has opened doors for Bitcoin and Ethereum exchange-traded note (ETN) applications. This development is expected to boost Bitcoin and crypto products as stock exchange operators embrace them.
Other factors contributing to the surge include a decline in the US dollar index (DXY) below 102.7 and a drop in US Treasury yields. Investors are awaiting fresh economic data this week that could provide further insights into US Federal Reserve monetary policy.
Bitcoin Moving Towards $80K?
Data from Coinglass shows that nearly $360 million in crypto liquidations have occurred in the past 24 hours, with over 120,000 traders liquidated. The largest single liquidation order, valued at $8.88 million, took place on the crypto exchange Bybit. BTC saw $34 million liquidated in just four hours, with over $31 million of short positions being liquidated. Additionally, ETH witnessed $10 million in shorts being liquidated out of a total of $11.5 million in the past four hours.
In the lower time frame, Bitcoin faced resistance at $71,500. The Crypto Fear & Greed Index has risen to 82 after a dip over the weekend, indicating that market sentiment is currently in the “Extreme Greed” zone.
However, options traders are extremely bullish and are opening positions at $80,000 after Bitcoin successfully reached $70,000 last week. CME BTC futures open interest has also reached a new all-time high of $10.59 billion.
Experts such as Robert Kiyosaki (author of Rich Dad Poor Dad), Tom Lee from Fundstrat, and Michael van de Poppe have predicted that Bitcoin’s price will easily reach $100,000 by 2024 and potentially even hit $300,000 this year.
Hot Take: Bitcoin’s Journey to the Moon
The price of Bitcoin has surged to a new ATH above $71,000, driven by renewed sentiment and positive market factors. This surge has not only propelled Bitcoin to new heights but has also led to other cryptocurrencies experiencing significant gains.
With institutional money flowing into Bitcoin and stock exchanges opening their doors to crypto products like ETNs, there is growing optimism among investors. Options traders are particularly bullish and are opening positions at even higher price levels.
As we move forward, it will be interesting to see if Bitcoin can continue its upward trajectory and potentially reach the $80,000 mark. The predictions made by experts suggest that Bitcoin’s journey to the moon is far from over.