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

Bitcoin (BTC) hit $ 60,000 for the first time on March 13, when the long-awaited continuation of the BTC price bull run began.

BTC / USD 1 hour candle chart (Bitstamp). Source: trade view

BTC is recording another groundbreaking price level

Data from Cointelegraph Markets and Tradingview tracked BTC / USD as the pair finally surpassed historical levels after several weeks of mild corrections and periods of consolidation.

Bulls had spent a considerable amount of time in limbo as Bitcoin repeatedly tested all-time highs at $ 58,350, with a significant zone of resistance below slowed progress.

In the end, however, optimism prevailed, and the largest cryptocurrency by market capitalization hit its latest milestone. At press time, price action was concentrated in an area just below $ 60,000 with characteristic volatility.

As Bitcoin price neared its previous all-time high, Whalemap analysts observed some interesting activity in the chain.

Realized cap HODL waves. Source: Whalemap

According to the research team:

“Realized cap HODL waves show what percentage of the realized capitalization belongs to HODLers of different types (1y-3y-Hodlers, 3y-5y, etc.). Macro-spikes usually occur when the market is overcrowded with FOMO. This can be identified A large part of the realized capitalization is accounted for by short-term Hodlers (less than 6 months). The last macro peaks were accompanied by more than 95% of the realized Cap-Hodlers of less than 6 months. We are currently at 82%. “

The long way to a new price hurdle

The anticipation of USD 60,000 and more had increased steadily over the past few days. As Cointelegraph reported, both professional analysts and traders were poised to announce the end of Bitcoin’s previous sideways price action as the indicators speak for the bulls.

Today’s usual presentation of healthy on-chain metrics in combination with the positive support from the institutions strengthened trust. After Bitcoin price hit the $ 60,000 level, many analysts set their targets in the $ 72,000 zone, followed by $ 100,000.

The cryptocurrency market cap is now at $ 1.118 trillion, and Bitcoin’s dominance rate is 61.9%.