Bitcoin has made a remarkable breakthrough, surpassing the $66 mark and showing signs of a potential all-time high in its price. On Wednesday, it reached a new high of $66,400, following the release of positive Consumer Price Index (CPI) data for April, which indicated a decrease in inflationary pressures. Currently, Bitcoin is striving to maintain stability around $66,000.
An analysis conducted by the IntoTheBlock platform has highlighted Bitcoin’s impressive performance in overcoming significant resistance levels. This achievement, coupled with the lack of selling pressure during the rally, indicates the market’s confidence in Bitcoin. The question now arises: will a new all-time high be reached?
It’s worth noting that the highest price ever paid for Bitcoin was $73,737.94, recorded just two months ago on March 14. In comparison, the current price is approximately 10.37% lower than this historical peak.
As of now, Bitcoin is being quoted at $66,207.76, showing a 2.8% increase in the last 24 hours. The trading volume for the cryptocurrency during this period amounted to $34,296,911,806. Over the past week, Bitcoin has seen an 8.2% increase in its price.
A trader’s analysis suggests that Bitcoin’s price has displayed promising behavior after deviating below the minimum range. The price bounced back, touched resistance, and is now returning to a significant support zone. This could potentially form the first higher low, indicating a potential recovery. The trader emphasizes strong demand between $59 and $61, with mostly optimistic indicators, which further supports the likelihood of a recovery. If Bitcoin manages to break through the $65,000 resistance level, the trader predicts a first target range of $68,000 to $69,000, and a second target range of $74,000 to $75,000.
It is important to note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries inherent risks and may result in financial loss.
In other news, Bitcoin’s price has dropped to nearly $60 and is expected to end the week on a low note. However, Bitcoin’s rise continues as it approaches the $64,000 mark, while TON, PEPE, and SHIB experience a 6% growth.