Bitcoin mounts fresh assault on $55k – but is $60,000 now in its sights?
Bitcoin has steadily stepped its way out of what was looking like a long check-in below $50,000 to climb back into touching distance of the $55,000 mark.
Trading volume had slipped away towards the end of last week, making way for a stop-start weekend which saw it meander from $49,000 to $47,000 – so often an historical pattern that signals a period of sideways movement for the market-leading cryptocurrency.
However, the start of the working week had clear intentions of putting the psychological barrier of $50k into the rear-view mirror as a series of solid-looking upward movements carried Bitcoin (BTC) to $51,500.
A steep trajectory, though, stalled and lost a little altitude on $51,600 before freefalling back to $49,000 and seemingly preparing to stick to the kind of price script so often narrated over recent years.
As ever with BTC, the rollercoaster seldom delivers a smooth ride and, before Monday had even laced up its boots, the measured climb over $51,000 had begun again in earnest with minimum resistance.
The early hours of this morning saw a massive surge as BTC clipped $52,000 – jumping a full thousand dollars around the 2am GMT hourly – with some smaller steps allowing it to backfill its way to $54,000.
As the sun blinked over a waking Greenwich Park this morning, BTC looked to have dug-in around $53,800 as it eyes up a move on $55,000 and, potentially, gathers re-enforcements for another offensive on the significant high ground of $60,000.
Cautious words will echo around empty trading halls though – the last time Bitcoin took up position here, it was mercilessly torn apart and sent into a desperate double retreat to lick its wounds at $45,000 before regrouping on $43k.
Many traders will also note the volume pattern today looks quite similar to that of last month’s alarming slips, but with the added small print that altcoins (cryptocurrencies other than Bitcoin) are seemingly locked in step with BTC’s eight per cent morning lift.
This is with the exception of ADA which appears to be enjoying a contrary pattern to just about every other coin on the market. When the charts show green across the board, Cardano’s native appears keen to go for the scarlet wardrobe that day, only switching to the green costume when the others fancy a more crimson look. It’s a curious narrative, and one that deserves attention as the week rolls on.