Can Bitcoin (BTC) Break $ 60,000? - Kakiforex | Forex markets for the smart money. Can Bitcoin (BTC) Break $ 60,000? Can Bitcoin (BTC) Break $ 60,000?

April 6, 2021

Can Bitcoin (BTC) Break $ 60,000?

 The market value of the entire cryptocurrency managed to hit a record $ 2 trillion as Bitcoin (BTC) continued to strengthen towards the $ 59,000 level today.

At the same time, the crypto king is also facing resistance at the $ 60,000 level with reduced volatility and the BTC price is now trading between $ 57,000- $ 59,000.

Data by Santiment revealed that Bitcoin buy calls are currently at a three -week high and the last level seen was on March 13th.

Moreover, long-term investors are seen not diluting their holdings. Big players are also seen making crypto purchases in large numbers and transferring their savings from exchange platforms into cold storage.

Data from Glassnode shows that Bitcoin balances on most exchanges have been at a two -year low. The same source also revealed that the net position of Bitcoin miners has changed to green, indicating they are holding newly mined coins.

Even the SOPR -adjusted indicator (aSOPR) also shows a reduction in profits, meaning investors are still confident in this market. This factor will lead to price increases in the future.

The Bitcoin hash rate is at an all -time high (ATH), indicating miners are not liquidating their Bitcoin and the open interest in Bitcoin futures for the entire exchange platform has surpassed $ 20 billion over the past week.

Players and large companies are starting to reap Bitcoin at current prices. For example, MicroStrategy has announced its latest investment in 2000 Bitcoins worth $ 15 million. Meanwhile, Grayscale Investment is currently trying to enter the Bitcoin ETF (exchange-traded fund) market.