- Bitcoin crossed the $52k mark on Wednesday and could be heading towards the next resistance around the $60k level.
The cryptocurrency market has been bullish since the start of the week, with Bitcoin and other major cryptocurrencies rallying higher.
Bitcoin (BTC) price hit $52,000 during Wednesday surpassing the $1 trillion market capitalization after 26 months, with traders eyeing even more gains anticipating the rally has room to run.
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The largest and oldest cryptocurrency shrugged off Tuesday’s dip below $50,000 on a hotter-than-expected US inflation data, reclaiming the psychologically significant price level during European trading hours.
At press time, the price of Bitcoin stands at $52,284, up by more than 5% in the last 24 hours. Thanks to the recent rally, Bitcoin’s total market cap has now crossed the $1 trillion mark for the first time in more than two years.
If Bitcoin can maintain its current momentum, it could reach the next resistance level at $60k in the coming days or weeks.
Some traders are targeting the $64,000 level in the coming weeks as demand from spot bitcoin exchange-traded fund products grows.
The broad-market rise came as bullish sentiment around bitcoin continued running higher, with options traders betting on prices to touch as much as $75,000 in the coming months.
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Altcoins also bounced, with Cardano’s ADA (ADA) and popular meme token dogecoin (DOGE) gaining 6% during the day. Ether (ETH) also rose over 5% to $2,750, its highest price since May 2022.
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