Breaking: Bitcoin (BTC) Price Breaches Above $71K, ETH Clinches New High, Here’s Why

2y ago•

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Crypto Market Rally: Bitcoin price Ethereum XRP Pepe Coin

Bitcoin (BTC) price has now soared to an all-time high (ATH) above $71,000, making a new all-time high as it crypto investors’ sentiment towards $100K gains momentum. Other cryptocurrencies also climbed higher, Ethereum (ETH) price jumped past $4000 again and top altcoins XRP, SOL, ADA, DOGE, SHIB saw sudden 3-8% leap.

ETH price hit a high of $4,015 backed by a rise in trading volume by 80% in the last 24 hours, indicating massive interest among traders ahead of the Dencun upgrade.

Bitcoin Price Breaks Above Amid Renewed Sentiment

Bitcoin (BTC) price advanced suddenly above $70,000, clinching a new all-time high. The price hit a high of $71,646, up over 4% in the past 24 hours. The move comes amid renewed sentiment and other factors as the digital currency has been on a consistent parabolic surge since the start of the year.

This comes amid the news that London Stock Exchange (LSE) has opened the door for Bitcoin and Ethereum exchange-traded note (ETN) applications, according to Bloomberg. This would give the desired push as stock exchanges operators open arms for Bitcoin and crypto products.

Other factors include the US dollar index (DXY) declining below 102.7 on Monday, hovering near its lowest levels since mid-January. Moreover, U.S. Treasury yields also dropped to 4.058% from 4.219% last week. Investors look for fresh economic data due this week that could provide more insights as key US CPI inflation data later this week could influence the outlook for U.S. Federal Reserve monetary policy.

Bitcoin Moving to $80K?

Coinglass data indicates nearly $360 million in crypto liquidations, with over 120K traders liquidated in the last 24 hours. The largest single liquidation order of BTCUSD valued at $8.88 million happened on crypto exchange Bybit. BTC saw $34 million liquidated in 4 hours, with more than $31 million shorts liquidated. Moreover, ETH witnessed $10 million in shorts liquidated from a total liquidation of $11.5 million in the past 4 hours.

In the lower time frame, Bitcoin was seen finding resistance at $71,500. The Crypto Fear & Greed Index rose again to 82 after a drip during the weekend, with the market sentiment currently in the ‘Extreme Greed’ zone.

However, options traders are super bullish opening positions at $80,000 after BTC price successfully hit $70,000 last week, as per Deribit data. Moreover, CME BTC futures open interest has jumped 2% to new all-time high of $10.59 billion, as per CoinGlass data.

Experts such Rich Dad Poor Dad author Robert Kiyosaki, Fundstrat’s Tom Lee, and Michael van de Poppe predicted Bitcoin price to hit $100K easily in 2024, with a potential of $300K in this year too.