Bitcoin price hits $60K after bulls push through a key resistance cluster

Bitcoin (BTC) reached its highest level on the 13th. Mars broke the $60,000 mark for the first time as the long-awaited continuation of the BTC bull run began.

1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop

BTC again records a significant price level

Data from Cointelegraph Markets and Tradingview tracked BTC/USD as the pair finally broke above historical levels after weeks of minor corrections and periods of consolidation.

The bulls have spent considerable time in limbo as bitcoin repeatedly tested the all-time highs at $58,350, locking in a key resistance area.

But optimism eventually won out and the largest cryptocurrency in terms of market capitalization reached its latest milestone. At press time, price action was concentrated in the area just below $60,000 with characteristic volatility.

As the price of bitcoin approached its all-time high, analysts at Whalemap noticed some interesting activity on the chain.

Implementation of the HODL wave stopper. Source: Mapping whales

According to the research team:

Cap HODL realized waves show what percentage of the realized capitalization belongs to HODLers of different types (1yr-3yr Hodler, 3yr-5yr, etc). Normally macro tops occur when the market moves past FOMO. It can be established when a large percentage of the realized capitalization belongs to short term sellers (less than 6 months). Before the recent macro tops, over 95% of the hats sold belonged to Hodlers less than 6 months old. We are currently at 82%.

Long way to the new price ceiling

A $60,000 projection. The amount of more than $8 billion has been steadily rising in recent days. As reported by Cointelegraph, professional analysts and traders were ready to declare the end of the previous sideways movement of the bitcoin price, with indicators pointing to an upward trend.

The current standard presentation of robust intra-chain indicators, combined with positive agency support, has helped to build confidence. After the price of bitcoin hit the $60,000 mark, many analysts set their targets at $72,000 and then $100,000.

The total market capitalization of cryptocurrencies is currently $1.118 trillion, and bitcoin dominates with 61.9%.

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