Bitcoin prices surpassed $60,000 today, breaking through that key, psychological level after briefly encountering resistance.
The world’s most prominent digital currency climbed above $60,000 close to 10 a.m. EDT, CoinDesk data shows.
The cryptocurrency rose to as much as $60,326.77, additional CoinDesk figures reveal.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
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“It’s an exciting day in the crypto world with Bitcoin breaking $60,000,” said Brett Sifling, an investment advisor for Gerber Kawasaki Wealth & Investment Management.
“Ideally, we’d like to see Bitcoin build a base over $60,000 and cement that level as new support. All eyes would then be on the all time highs of $65,000,” he stated.
“If we break all time highs, there is no telling how high the momentum could take us,” added Sifling.
“The last time we had a major breakout over an all time high ($20,000) was at the end of 2020 and it went on to have a monster rally.”
Several other analysts also weighed in, offering specific figures for where bitcoin is likely to encounter resistance next.
Before the digital currency surpassed $60,000, Nick Spanos, cofounder of Zap Protocol, stated that rising above that price level would cause bitcoin to “gain fresh momentum to target its all-time high of $64,483.”
He noted that “if this resistance level is breached, Bitcoin would then have fresh momentum and traders would target the $68,000 and $70,000 resistance levels.”
Katie Stockton, the founder and managing partner of Fairlead Strategies, LLC,
“Bitcoin is shrugging off short-term overbought conditions on positive short-term momentum,” she stated.
“There is no resistance nearby, in my work, and the recent breakout yielded a target of final resistance closer to $65K.”
Michael Gu, a crypto analyst and founder of Boxmining, also provided some input, noting that after bitcoin’s most recent price movements, it will next face resistance at $66,000.
Julius de Kempenaer, senior technical analyst at StockCharts.com, offered some interesting perspective on bitcoin’s latest market activity.
“A solid break beyond 60k clears the path towards the 65k.”
“After that, BTC, once again, arrives in uncharted territory and things can go very rapidly as we have seen in the past,” he stated.
“Such resistance levels can be compared with a spring, the more they get tested the tighter the tension on the spring gets. Breaking resistance equals releasing the spring, and a lot of power becomes available.”
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.