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The king cryptocurrency continues to show its intention to move towards the $65,000 target by setting new peaks. The excitement of ETFs, halving, and interest rate cuts are exponentially increasing the appetite for risk. BTC has already reached its November 2021 level and, at the time of writing, set a new 2024 peak at $57,241.
Bitcoin on the Rise
Spot Bitcoin ETF volumes (excluding GBTC) hit a record high yesterday. The excitement on the futures side is strong, and the trend turned upward when bulls made bold purchases at lower levels. Finally, the cumulative value of cryptocurrencies rose to the threshold of $2.1 trillion. Altcoins with double-digit increases may benefit more from the BTC rally in the coming period.
The only obstacle now for Bitcoin to reach $65,000 is the $57,600-$59,000 range. If the current level can be maintained as support, the price will move one step closer to its historic peak. Closures above $59,600 will set sights on the $65,000 and $69,000 regions. Beyond that, seeing a new ATH before halving is possible.
ETFs are experiencing FOMO days for the first time, and this will be an important experiment. Strong volumes today will fuel hopes for the coming week.
