Recovering from a slight correction that took place in the late hours of yesterday, a change in price movement that started at around 1 AM (GMT) this morning saw the leading cryptocurrency hit a new all-time high.
At the time of writing, the BTC new ATH is $60,445. The flight was an easy one as all conditions were right for the king coin to hit a new record. Looking at the BTC/USD 1 hr chart it is almost impossible not to agree that all conditions were right for a new ATH.
The pump that started at 1 AM intensified, at 9 AM but started losing its velocity as soon as the next candle began. From 9 AM to 10 AM, BTC gained around $2,240, one of the biggest rallies in an hour. The momentum gradually dropped but was enough to propel the prices to $60,445.
One of the responsible factors that buoyed this surge is bulls. It is interesting to note that over $100 million short positions were liquidated in 10 minutes. This is clear evidence of the bullish traders in action. An increase in bulls can be traced back to the stimulus signed by the U.S president that ensures that every citizen gets $1,400. Most likely, more of these citizens invested in crypto.
The current BTC price brings its market cap to an all-time high of $1.114 trillion. The 8th biggest asset by market cap is now $272 billion short of overtaking Google to become the 7th largest asset by market capitalization.
What this means for bitcoin is that the hope of hitting $100,000 this year becomes more real. With the break above $60,000, traders must try all they can to defend the $55k support. Defending the $55k support will guarantee an attack of $65k next month.
Considering various factors, it is important to note that after this current high, a price correction is imminent. How dip prices will get is a question that only time can answer. If traders can defend the highlighted support, it will be easier to achieve a new ATH next month
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This article is Originally posted on CoinCentral.com
Author: Gideon Geoffrey