Bitcoin Price Hits New ATH at $59,523
Bitcoin price rally successfully retested the area at its previous ATH around $58K, broke out from its bull flag and rallied to a new all-time high. The BTC price was going parabolic in recent times and therefore a new ATH was on the cards.
The price gained a huge bullish momentum that assisted to hit a new milestone close to $60K. However, ever fundamentals are looking much stronger which may help to scale the next upcoming leg for Bitcoin. According to the co-founder of Glassnode, Jan & Yann, all the indicators are in healthy territory.
Spring is unloading, with fundamentals looking great.
— Yann & Jan (@Negentropic_) March 13, 2021
According to the co-founder, the tactical graphs that include BTC- Futures, BTC SOPR, BTC ASOL and BTC Liquid supply change, all are in a good position.
Also Read:Regardless of the Plunge, Bitcoin Price Rally to Hit $60k Very Soon!
How the Price Managed to Break the Upper Resistance?
The BTC price has maintained a very narrow trend in recent times, which might have impacted the bull run inversely. However, as much as $250 million worth of shorts were liquidated as per the reports put up by analysts, Joseph Young. The liquidations happened in the past 4 hours which might have led to a massive surge.
$BTC shorts rekt.
$250 million+ worth of shorts liquidated in the past 4 hours.
The question is, why short consolidation under major resistance? pic.twitter.com/MQf7ywTgIy
— Joseph Young (@iamjosephyoung) March 13, 2021
However, after smashing $60K that looks effortless, the next milestone to be achieved would be much higher. According to an analyst, Nicola Duke, the next upcoming target maybe somewhere around $72,500 to $73,000.
Despite many indicators showcased a bearish divergence, Bitcoin refused to go down, which forced the chart to flip into bullish. Currently, it is mandatory for a continued bitcoin price rally, the daily close should happen above $58,500 levels.