Cryptocurrency (Apr 15, 2021 04:01AM ET)
Bitcoin Builds Momentum To $75k: Hits New All-Time High
- Bitcoin (BTC) has been building momentum over the last week, heading toward a possible new high above $70k.
- On Wednesday morning, the leading crypto set a new all-time high of $64,863.10 after a week-long bullish momentum.
- Over the last seven days, BTC is up by almost 12%, confirming the bullish momentum.
- Many analysts have linked the market uptrend of Bitcoin and other altcoins to Coinbase’s Nasdaq debut.
Bitcoin is continuing its brilliant run of form in 2021, breaking new records with the prospect of breaking even more. One of the prospects, which many investors and enthusiasts would love, would be seeing Bitcoin trade at $75k.
Bitcoin Sets A New All-Time High
Following a good run of form, Bitcoin (BTC) broke past $63k to set a new ATH at $64,863.10. The run that began on April 7, with BTC trading at $58,186.51, peaked on Wednesday, April 14, when the leading crypto set a new ATH at nearly $65k.
Bitcoin’s run has defied all odds and those critics who have been waiting since the start of the year for the Bitcoin bubble to burst. While they continue to wait, BTC is building even more momentum, looking at higher targets in the coming weeks.
Building Momentum For $75k
At the start of this year, talk of Bitcoin at $60k would have been considered crazy by many. However, today, BTC currently trades above $62k while aiming higher, and the charts are in its favor.
Breaking above the $62,000 zone means that BTC has formed an ascending triangle pattern on the four-hour chart. Remaining above $62k could see BTC soar above $65k or possibly even higher in the short term. The only thing that could negate this trend is if BTC falls under $59,000.
If Bitcoin, and the entire crypto market, holds on to the bullish momentum, Bitcoin is bound to break out even higher. The first major mark it would reach would be $70k before moving higher to $75k. Even if the uptrend plays out, we should expect a short-lived pullback or two as Bitcoin journeys to new highs.
The crypto market joined Bitcoin for the bullish run as it climbed into uncharted territory on Wednesday morning, surpassing $2.23 trillion in market capitalization. The momentum builds as Coinbase makes its debut on Nasdaq.
On the Flipside
- Bitcoin is witnessing a pullback after breaking its previous all-time high of $62k.
- In the early hours of Wednesday, Bitcoin peaked at $64,863.10 before the drop began.
- A 24-hour chart of the biggest cryptocurrency shows a 2% price drop, meaning BTC now changes hands for around $61,918.
Coinbase Is Now Live On Nasdaq
Coinbase, the most valuable crypto exchange with a market valuation of about $100 billion and 56 million verified retail customers, has opened on Nasdaq. Surprising many, Coinbase has avoided taking the initial public offering (IPO) route.
Instead of an IPO, Coinbase has opted for a direct listing. Direct listings are known for being cost-efficient and give existing shareholders the option of selling their shares right away. Coinbase opened on Nasdaq on Wednesday morning with a starting reference price of $250.
Coinbase’s debut on Nasdaq makes it the first major crypto business to list on the US stock market. Many analysts have attributed Bitcoin’s uptrend to Coinbase’s listing on Nasdaq.