- Bitcoin (BTC) touched a yearly high of $64,000 on BitStamp.
- This is the first time BTC soared above $60,000 since November 2021.
- The price of BTC is 61,384 today, a 1.7% decrease in the past 24 hrs and a 19.8% increase in the past 7 days.
- Bitcoin just passed the Russian ruble and is now the 14th largest currency in the world.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 50.3%
- Bitcoin Market Cap: $1.201 trillion
- Total Supply: 21 million
- Circulating supply: 19.641 million
Bitcoin price soared immensely this week, adding over $12,000 to its value in the space of just a week. The market cap also rose greatly, with over $200 billion added to BTC’s valuation.
The surge in the market cap pushed the asset to become the 14th largest currency in the world, overtaking the Russian ruble.
The increase in Bitcoin market cap dominance from 48.9% to 50.3% indicates Bitcoin gained against the altcoins and the flow of liquidity was generally from altcoins to BTC. Small and microcaps suffered losses this week, as mid and large-cap altcoins saw double-digit percentage gains.
Previous Bitcoin Price Analysis
Last week Bitcoin was trending in a consolidation zone that it had entered the week before that. It was either the bulls win the fight and push the price of the asset to $55,000 and beyond or the bears win and push BTC’s price to $48,900 and below.
The 50-day simple moving average (SMA) was holding the price of Bitcoin up, and come Monday, February 26, 2024, Bitcoin witnessed a surge in buy volume that pushed the price above the $53,000 barrier.
What followed next was extreme buy pressure and FOMO from crypto investors that caused BTC price to soar to new yearly highs of $64,000 before correcting back to $61,000.
At its current price, Bitcoin is just 12% shy of its all-time high price.
Barrier Forms at $64,000, Can Bitcoin Bulls Break Above it and Test Previous ATH?
Bitcoin’s surge this week was the stuff of legend and signaled the beginning of the first phase of the bull market – the pre-halving pump.
It is expected that altcoins will now begin running anytime from next week as profits from Bitcoin and large caps begin flowing into small, medium, and microcap altcoins.
Bitcoin is still well above the 50-day, 100-day, and 200-day simple moving averages, providing bulls with ample time to rest and recuperate for the next run-up.
The $64,000 level provided local resistance and the major fight for Bitcoin bulls will be to break above this price. If the bull should succeed in its quest, BTC may touch and surpass its previous all-time high price of $69,000.
We expect $69,000 to provide a strong resistance when price action reaches that point. However, if we break it, BTC could easily rise and hit $77,000.
In the case that bears prevail at the current barrier, BTC will find support at $58,000 and $52,000.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you should not make investment decisions based solely on what you read here.