Bitcoin Smashes Through $60K As Crypto Community Celebrates

The ongoing upward trend exhibited by Bitcoin (BTC) may persist following a significant technical signal detected during the weekend, triggered by the flagship cryptocurrency experiencing a recent breakthrough of key resistance levels. As of the time of this writing, BTC is trading at just under $62,000.

No Signs Of Selling

Katie Stockton, the founder of Fairlead Strategies, communicated to clients that Bitcoin convincingly surpassed the $48,600 resistance level, signaling an intermediate-term bullish development in its chart. Having surged over 40% in the past month, Bitcoin reached its highest point since November 2021. Its year-to-date increase is 44%, with a remarkable 160% gain over the past year.

Stockton suggests that short-term technical indicators hint at an upcoming consolidation phase in the coming days before Bitcoin resumes its climb to test a final resistance at $64,900, as indicated by Markets Insider. In a previous analysis, Stockton emphasized this positive momentum, highlighting that several key indicators portray a favorable long-term momentum without signs of overbought conditions on the monthly chart, suggesting no immediate sell signals.

ETFs Triggered The Surge

Several factors, including the recent introduction of spot Bitcoin exchange-traded funds (ETFs), have contributed to this price surge, attracting significant investments. Bitcoin has sustained a winning streak for five consecutive days, aiming for its strongest monthly performance since October 2021, amidst the launch of spot Bitcoin ETFs in the U.S. in early January.

These ETFs have garnered substantial inflows, surpassing $6 billion in net inflows and continuing to drive demand for the leading cryptocurrency. Furthermore, the price surge anticipates its upcoming halving event, which will halve the coinbase reward miners receive per block found to 3.125 BTC, exerting additional pressure on the available supply.