“All Sails Set” As Bitcoin Blasts Past $53k

written by
"All Sails Set" As Bitcoin Blasts Past $53k

Bitcoin surged past $53,000 on Monday, marking its highest price level since November 2021 and signaling a renewed vigor in the ongoing cryptocurrency rally. Breaking free from its recent sideways trading range, the largest cryptocurrency by market cap reached $53,600 during mid-morning U.S. trading hours, according to data from CoinDesk. At the time of reporting, Bitcoin was trading at $53,100, reflecting a notable 3.8% increase over the past 24 hours. The broader cryptocurrency market also saw positive momentum, with the CoinDesk20 Index (CD20) rising 2.3% and surpassing the 2,000 level for the first time.

Ether (ETH), the second-largest cryptocurrency, joined Bitcoin in its upward trajectory, surging nearly 4% to reach $3,150, marking its highest price level in 22 months.

Related: Ethereum’s Open Interest Surges: Why it Matters.

In a market update shared on Telegram, analysts from Swissblock, a crypto analytics firm, noted the significant breakout in Bitcoin’s price movement. They commented, “BTC now seems to finally break out from the range it has been in since Feb. 15. The momentum is moving up strongly. All sails are set.”

Swissblock analysts further elaborated on Bitcoin’s potential price trajectory, suggesting that the next target range for Bitcoin’s price could be between $57,000 and $58,000. They indicated that achieving new all-time highs could be within reach beyond this range, highlighting the robust bullish sentiment prevailing in the market.

Related: AI Tokens Surge in the Wake of Nvidia’s Earnings


Latest News

Catch the Latest on NFTs & Crypto

Subscribe to our newsletter to gain valuable insights and make informed decisions!

Would love your thoughts, please comment.x
Scroll to Top