The leading cryptocurrency has surpassed a critical region after a long and challenging bear market, now standing at $60,800. Bitcoin, which last saw this price on November 18, 2021, had fallen to $15,500 a year later.
Bitcoin Hits $60,000
BTC has exceeded $60,000 for the first time since November 18, 2021, reaching a new high at $60,800. The price has soared this month, fueled by increasing demand on the institutional front. The introduction of the Spot Bitcoin ETF was a significant event, quickly attracting over $5 billion in capital.
Bitcoin’s price could test the $65,000 resistance soon if it manages to close above $58,000. However, price corrections of up to 30% wouldn’t be surprising after such rapid increases. It’s beneficial for investors to be particularly cautious with altcoins.
On the other hand, since the price has not yet started the consolidation process after reaching the peak, we are not seeing the full impact of this rise in altcoins. We may witness altcoins gaining momentum in the upcoming period.
