• Tue. May 30th, 2023

Bitcoin’s Bullish Trend Takes It Closer Than Ever to $60k

Mar 11, 2021

The price of BTC is aiming towards a new all-time high and crossing the $60k mark as the investors push the price of BTC above $57k, which was its previous all-time high. The institutions and major corporations are also starting to put their eggs in the BTC basket now more than ever.

Huge Growth By BTC

A few hours ago, the price of Bitcoin (BTC) went up to the level of $57,100, a price level that has not been seen since 20th Feb 2021, when BTC broke its record and set the previous ATH at about $58,300. The analysts are now bullish toward the BTC, and it has caught the investors with a positive hope that BTC is going to stay bullish, which has made it more likely for Bitcoin to go past the mark of $60k.

The data shared by Trading View is showing that BTC went up significantly from a starting price of about $53k last morning and took a leap of almost 6.5% to reach the price level of $57k.

Reason Behind the Success of BTC

The upward trend of the day was mainly due to the news that the Digital Currency Group is planning to acquire $250 million worth of shares of GBTC, the Grayscale Bitcoin Trust. This news has come to the spotlight at a very intriguing time because the shares of the Grayscale Bitcoin Trust were being traded at a fifteen percent discount compared to the spot price of BTC throughout the main exchanges.

Although institutional investors are taking credit for the recent increase in the value of the crypto asset, the truth is that there is an increased interest in BTC investment all over the world. The recently collected data shows that 10,000 BTC ATMs have been put up in the United States of America since 1st March 2020. This takes it to a 57.5% increase in the no. of ATMs that got equipped BTC access over the past few years.

Some experts said that a deviation in the prices of treasury yields, tech stocks, or the US Dollar could impact the current prices and the future trends of the BTC. The main reason for BTC flourishing, however, was reported to be the institutional interest in Bitcoin.

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