Bitcoin (BTC) reached $ 60,000 for the first time on March 13, when the long-awaited continuation of the BTC price surge began.
BTC registers another reference price level
Cointelegraph Markets and Tradingview data tracked BTC / USD when the pair finally crossed the historic level after several weeks of slight corrections and consolidation periods.
Bulls spent considerable time in limbo while Bitcoin repeatedly tested the all-time highs at $ 58,350, with a significant resistance zone below slow progress.
In the end, however, optimism won out, and the largest cryptocurrency by market capitalization achieved its last milestone. To date, the price action has focused on an area just below $ 60,000 amid characteristic volatility.
As the price of Bitcoin moved ever closer to the previous record, analysts at Whalemap observed some interesting activities taking place in the chain.
According to the research team:
“Realized Cap HODL waves show what percentage of capitalization is held by different types of HODLers (1y-3y hodlers, 3y-5y and so on). Typically, macro tops occur when the market over-saturates with FOMO. can be identified when a large% of realized capitalization belongs to short-term hodlers (under 6 months). The last macro tops were accompanied by more than 95% of realized capitalization belonging to hodlers of less than 6 months. 82%. “
The long road to a new price hurdle
The expectation of $ 60,000 and more has steadily increased in the past few days. As Cointelegraph reported, professional analysts, as well as traders, were about to announce the end of the previous Bitcoin side price action, as the indicators pointed in favor of the bulls.
The now standard narrative of healthy indicators in the network, combined with the positive support of the institutions, served to increase confidence. Now that the price of Bitcoin has reached the $ 60,000 level, many analysts have set their targets in the $ 72,000 zone, followed by $ 100,000.
The overall capitalization of the cryptocurrency market is now $ 1.118 trillion and Bitcoin’s dominance rate is 61.9%.