Bitcoin price continues its upward trend today. As I write this article, the BTC price has broken through the $58,000 resistance. This development certainly has implications for cryptocurrency investors. The next challenge is surpassing the $60,000 resistance level. However, BTC will need to consolidate its position there.
What’s the New Target for Bitcoin Price?
We now see that the $60,000 levels are being mentioned quite comfortably for the Bitcoin price. In our morning analysis of the Bitcoin price, we had indicated that the $58,000 level was a critical resistance. Now that this resistance level has been breached, the next resistance levels are $59,000 and $60,000.
For the flagship cryptocurrency Bitcoin, analysts have also started to consider levels above $60,000. Analyst Michael van de Poppe expressed his surprise at Bitcoin’s strength yesterday, stating that we can now comfortably see levels above $60,000 for the Bitcoin price. However, the analyst also mentioned that corrections could occur on the way to these levels.
Ethereum Rises Too
As Bitcoin continues to lead the rise in the cryptocurrency market, Ethereum is not far behind. The cryptocurrency closely follows Bitcoin’s price increase. Ethereum‘s price has now surpassed the $3,300 level.
Investors are now expressing that the feeling of FOMO, or fear of missing out, has peaked. This sentiment is driving investors to start a new rush. Let me also mention that the total value of the cryptocurrency market has now reached $2.18 trillion.
