- bitcoin breaks $60K, with bullish momentum suggesting a potential rise to $70K.
- El Salvador continues daily Bitcoin purchases, bringing its total holdings to 5,851 BTC.
After struggling for days to break the $60,000 barrier, Bitcoin [BTC] is now trading above this key level. According to the latest data from CoinMarketCap, BTC is currently priced at $63,762, reflecting a slight decline of 0.32% over the past 24 hours.
Saylor’s Bitcoin Optimism
As always, Bitcoin enthusiast and co-founder of MicroStrategy Michael Saylor has affirmed the cryptocurrency’s potential and commented on its continued promise and growth.
“Four years under the #Bitcoin Standard, and you would have outperformed every company in the S&P 500.”
Despite short-term fluctuations, MicroStrategy’s commitment to Bitcoin has paid off, with BTC’s returns outperforming those of any S&P 500 company, underscoring its superior investment growth.
Source: Michael Saylor/X
What do the statistics say?
To gauge Bitcoin’s future trajectory, AMBCrypto analyzed TradingView data and found that the Relative Strength Index (RSI) remains bullish, positioned above the neutral level at 57.
This indicates continued positive momentum. Furthermore, the MACD line lying above the signal line and showing green histograms reinforced the idea that buying pressure is currently greater than selling pressure.
Source: trading view
As expected, IntoThebBloack’s data showed that a substantial majority of BTC holders (88.31%) currently own tokens valued above their purchase price, indicating they are “in the money.”
Conversely, only a small fraction (5.85%) own BTC at a value lower than the purchase price, putting them “out of the money.”
This suggested that Bitcoin may be gearing up for a bull run in the coming days.
Source: IntoTheBlock
Future Prospects of Bitcoin
In reality, Cathie Wood’s Ark Invest predicts that if BTC continues on this trajectory, its value could rise to $1.5 million by 2030.
Jan Happel and Yann Allemann joined the battle, founders of Glassnodewhich confirmed that Bitcoin is well positioned to potentially reach and test the $70,000 level again.
They warn that traders who bet against BTC (by shorting it) when the price is around $68,000 or $69,000 could face significant losses if the price of Bitcoin continues to rise to $70,000, leading to a forced liquidation of their positions .
Source: Negentropical/X
Furthermore, El Salvador, the first country to officially adopt BTC as legal tender, has consistently increased its Bitcoin reserves.
Since March 16, the Salvadoran government has been purchasing one Bitcoin daily, resulting in an additional 162 BTC being added to their holdings.
From now on, El Salvador’s total BTC holdings amount to 5,851 BTC. This is valued at approximately $356.4 million based on current market prices.
So with Bitcoin approaching new highs, all eyes are on whether it will break the $66,000 resistance.