Bitcoin broke the $62,000 mark this morning to set a new all-time high, data from markets tool CoinGecko shows.
The network is now worth over $1.1 trillion, with 18.6 million BTC now in circulation. It traded at $60,000 yesterday but convincingly broke through the $61,700 mark on the back of the Coinbase public listing and other strong fundamental news.
As the below image shows, Bitcoin trades above its 34-period moving average, a tool used by traders to determine an asset’s trend, and remains in a strong “uptrend.” There’s currently no visual or technical “resistance” level where sellers could step in to take profits—meaning the runway for Bitcoin to run even further is clear.
Funding rates remain steady and “tolerable” for Bitcoin, suggesting the rally was a ‘spot’-driven one. High rates usually mean margin traders have borrowed massive amounts of capital to place bigger bets on the price movements of BTC—which can temporarily cause a price surge.
#Bitcoin hit ATH and the funding is tolerable.
Good sign. pic.twitter.com/gfzsDFV42M
— Lex Moskovski (@mskvsk) April 13, 2021
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