Bitcoin climbed past the $60,000 level to hover near record highs on Sunday, breaking out of a two-week narrow range and fuelled by speculations of constrained new supplies against proof of broader adoption.
Bitcoin, the biggest and worlds most popular, reached $61,222.22 late Saturday, its highest in almost one month. It was slightly lower at $59,907 early Sunday.
After six consecutive months of double-digit returns in bitcoin, volatility in the crypto market dropped over the past few weeks. However, market observers say that there are strong indications of a significant upward trend on the horizon.
Ether flexes muscles
Ethereum (ETH) rose 3% on Saturday, and each ETH is trading for $2,144 per token. While BTCs market dominance among the 9,190 crypto-assets currently in existence is more than half, ether markets snagged 12% of the share this weekend.
Other notable gainers in the top 20 crypto-asset rankings include stellar (XLM) up 9.3%, vechain (VET) rising 8%, bitcoin cash (BCH) advancing 2.9%, and filecoin (FIL) rallying 6.1% on Saturday.
After bitcoin exceeded the $61,000 level on April 10 for the first time in almost one month, traders are beginning to look at new price resistance levels, and support in the short-term as optimism returns to the market.
Bitcoin seen to rise higher
Bitcoin breached past the $60,000 level for the first time on March 13, registering a record $61,781.83 on the Bitstamp crypto exchange, just after U.S. President Joe Biden approved the nearly $2 trillion fiscal stimulus package into law.
Based on predictions by Kraken Intelligence, one could expect bitcoin to end higher and thus tie for the longest winning streak since the cryptocurrency was launched.
As long as Bitcoin price remains above $58,387 and keeps trying to break out beyond $61,188, theres a good chance it would set a new record high in the foreseeable future.
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