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Despite all the scepticism around the world's first cryptocurrency amid local fluctuations in the $55-60K range, the quotes have set a new record. At the beginning of the week, bitcoin broke the $60K barrier and consolidated above it. It became the decisive factor for the coin's rally to another historic high.
Bitcoin was unable to break the $60K mark in the last couple of weeks. All this gave a serious cause for concern among investors. However, amid the strengthening of the main altcoins, positive investor sentiment, and news background, the cryptocurrency managed to break the barrier and consolidate. Yesterday, the daily trading volume in BTC/USD increased by approximately 15% to $64.5 billion. As a result, the pair reached yet another all-time high of $62.9K.
As a matter of fact, the quotes have grown sharply for the first time since March 25, 2021. On April 13, bitcoin has finally received a boost that it lacked during the period of rapid growth of altcoins. The digital asset has soared by 5% over the past day ahead of Coinbase's upcoming IPO on the NASDAQ exchange. Tomorrow, April 13, the company will become the first-ever cryptocurrency exchange in the public market. On the eve of such an important event in the cryptocurrency market, BTC received a significant influx of retail traders who actively began to open long positions, hoping for a surge in price. Large holders of the digital coin refrained from taking risks and going against market sentiment. This fact boosted the price considerably. In addition, it became known that MicroStrategy announced that it will pay dividends to its Board of Directors in BTC.
Based on the current price dynamics (+0.5% for the last hour), BTC/USD continues to grow. On top of that, the trading volume also increases. Despite fears caused by the weekly stillness of bitcoin and sharp corrective jumps, the market has been in the upward trend since February 2021, which is clearly shown by the indicators. This trend is expected to end soon. This will become an important prerequisite for attracting large companies to the market that will allocate even more of their investment portfolios to BTC.
The world's first digital asset received support from the market at the level of $60K. In case there are even more positive bits of news, bitcoin will be able to consolidate above the current record levels. Then, the quotes may well reach $70-75K. Alternatively, BTC may return to $60K due to the current market correction. Given that the price consolidated at this level, the coin is likely to stay in the $55-60K range. However, the price will probably not be able to extend its rally.
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