Bitcoin surged past the $54,000 mark, reaching its highest price since November 2021. It broke a major support level at $53,000 and almost touched $55,000.
Analysts predict that Bitcoin could target the $57,000 to $58,000 price range next.
This digital currency decided to shoot through the ceiling, surpassing the $54,000 level. That's a number we haven't seen since the good ol' days of November 2021. It's like seeing a rocket; First of all, it broke through this tough barrier at $53,000 that has caused quite a bit of trouble over the past few weeks. Then, it didn't take long for it to almost touch the $55,000 level before taking a small step back. Last time I checked, Bitcoin was confidently trading at $54,585, which is an impressive jump of up to 6% in just one day.
Now, while BTC is boasting, the entire crypto playground is also having a party. This so-called CoinDesk20 Index, which tracks a range of major cryptocurrencies, also rose 4%. And then there's Ethereum, who comes in second place, not too far behind, reaching $3,200. That was the highest level in nearly two years.
This is not just a good day for cryptocurrencies. Deep companies in the industry also saw their stocks soar. Take Coinbase and MicroStrategy for example; both of their shares rose 17%. Then you have these Bitcoin miners, Marathon Digital and Riot Platforms, their shares are up 22% and 15% respectively.
So, what's next for Bitcoin ? Some smart people at a place called Swissblock think Bitcoin could be looking at $58,000 next. They say that Bitcoin has finally decided to break out of the boring price range it has been stuck in since mid-February and is now going with the wind.
There has also been some talk of Bitcoin being more in demand in the US, thanks to a price premium appearing on Coinbase compared to other exchanges. Additionally, there has been a lot of activity with Bitcoin exchange-traded funds (ETFs), especially with one from BlackRock experiencing its biggest trading day ever.
Adding to the fervor, former President Donald Trump, who is aiming to regain the Presidency, mentioned that he could “live with” Bitcoin. That was such a big change and got everyone talking.
Then there's Michael Saylor and his company, MicroStrategy, who just bought another 3,000 BTC , bringing their amount up to 193,000. Additionally, crypto investment products have seen big cash returns, with nearly $600 million in just the past week, and many of those were deposited in Bitcoin.
At the time of writing, Bitcoin was $56,153 and had a strong upward trend towards the end of the month.
Bitcoin News Summary
