Bitcoin has been trying to break past $ 60,000 for weeks - the last hurdle stopping the coin from reaching new all-time highs.
On April 10, Bitcoin did just that, as it passed $ 61,000 before consolidating at around $ 60,650 right now.
This bull run is not surprising for traders who have spent weeks in a sideways market, sometimes hitting weeks-lows.
The driving force behind this latest rally is considered to be still quite strong, which is expected to be enough to keep Bitcoin above $ 60,000 as a solid psychological hurdle.
One noteworthy change is that the funding rate between exchanges, after having dropped markedly in the previous days, has spiked as the market revives.
The growth has not stopped yet
Many analysts expect that this latest bull run will be the springboard for Bitcoin to continue growing stronger.
Among them is Filbfilb, co-founder of exchange Decentrader, who claims that
Bitcoin at $ 58,000 has a lot in technical terms with Bitcoin at $ 20,000.
“I am still very optimistic at over 58,000 USD.
Bitcoin's structure is the same as it was at $ 20,000, in my opinion; many other market nuances are similar in order process and depth ”
The day before, Decentrader analyst Philip Swift also voiced the same view
pointing to the upcoming crossover of the two key 111-day and 350-day moving averages to suggest that BTC / USD There will be more.
"My current short-term market outlook for Bitcoin is from neutral to bullish, so my personal opinion is that there is a high chance this is not a market cycle peak for Bitcoin.
" Swift said in a market update newsletter.
“Other fundamental indicators and analysis suggest that we are not yet at the end of the market cycle.”
Others agree but are a bit more cautious, including analyst Willy Woo, who on Friday warned that
Bitcoin may be completing the first step of the process of building a "double top" model.
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