Bitcoin price flies past 61,600 USD as bulls take control of market

By: Michael Wilson

March 14, 2021 5:25 AM

Bitcoin's (BTC) price has eventually pushed through a tough resistance as it broke its previous all-time high of $58,000 to reach a new higher high of $61,000 today.

The top ranked asset has crossed $60,000 for the first time on March 13 following a long-awaited continuation of the Bitcoin (BTC) bull run after the recent market correction that saw bitcoin shed $15,000 from its previous peak at $58,000.

BTC/USD 1 day candle chart (Binance). Source: Tradingview

Bitcoin bulls prior to today had repeatedly tried to push BTC price above all time high at $58,350, but a vital resistance zone slowed the progress.

However, the largest cryptocurrency reached a major milestone just day after the U.S passed the bill for a $1.9 trillion stimulus package. At the time of reporting bitcoin is currently trading slightly above $61,000 with BTC volatility characteristic on show.

At the moment Bitcoin is moving towards it's previous all time high, just moments after BTC crossed  $60,000 various analyst and traders alike were quick to announce bitcoin is set for an increase as positive indicators is pointing in favor of bulls.

Analyst have set their targets on the $72,000 zone with a few target at $100,000 with the total crypto market cap now at $1.118 trillion. Bitcoins market dominance on the day is at 61.9% of the overall cryptocurrency market.

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