Bitcoin (BTC) traded to highs of $61,788 on March 13 exactly a year it hit bottom lows of $3,800 in the March 2020 pandemic-triggered crash. During the black swan event, Bitcoin shed almost 50% of its value as the majority of Altcoins plunged to bottom lows.
Bitcoin is back above $61,000 a year after institutional investment continues to build momentum, the latest entrant being Chinese internet firm Meitu. Nearly $100 million in short positions were liquidated in a matter of minutes after Bitcoin’s sharp rise, according to a tweet from Glassnode co-founder and CTO Rafael Schultze-Kraft.
The move beyond $61,000 brings Bitcoin’s market cap to $1.14 trillion just a hair below Alphabet (Google) valuation of $1.385 trillion. It is a green day across the cryptomarket as the majority of Altcoins rose in tandem with Bitcoin’s move past $61k. Bitcoin forks, Litecoin (+4.45%), Bitcoin Cash (+13.16%), Bitcoin SV (+18.67%), Bitcoin Gold (+10.40%) were seen posting impressive performances at the time of writing.
The Altcoin market led by Ethereum posted modest recovery gains after a bout of profit-taking. Ethereum traded highs near $2,000 while SushiSwap (+23.84%), Decentraland MANA (+66.73%), Pundi X (+59.46%), HOT (+57.80%) topped market gainers.
Bitcoin is trading now at $61,076 after a slight retreat. Now that Bitcoin price has reached the $60,000 level, many analysts have set their targets on the $72,000 zone, followed by $100,000. A Twitter analyst stated:
‘Next upside target is $73k. Is this the start of a quick move to surpass $100k?’
Market participants were ecstatic about Bitcoin’s jump past $60k which comes exactly a year it plunged in the March black swan event. A Twitter analyst voiced out his excitement:
”On March 13th, 2020 #Bitcoin dropped and hit a low of $3.8k. Today, March 13th, 2021 #BTC made a new all-time high of $60k”
Willy Woo, crypto analyst cum economist tweeted ‘Solid validation of $60k Bitcoin already. The coins moving into investor wallets at this price level is already quite huge given the short number of hours we’ve had so far.’ He indicated this with the chart below.
When asked about the chances of a possible BTC correction between $60k and $100K, Willy Woo stated:
‘I think we are due for one in April, might be smaller than people think though. $1T support is pretty strong’
The sentiment remains bullish for Bitcoin as an analyst noted that spot hourly volumes are increasing on the $60k breakout.
Presently, Bitcoin is facing a solid barrier at $61k. Crypto analyst Ben Lilly of Jarvis Labs indicated the “two steps forward, one step back” nature of Bitcoin’s price movements in recent times, noting that the increase in Bitcoin price was accompanied by “four drawbacks of 5%”. This he noted to be a good sign of healthy profit-taking which may be quite essential in every bull market.
Image Credit: Glassnode, Skew, Shutterstock
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