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Bitcoin (BTC) first hit $ 60,000 on March 13 as the long-awaited continuation of the BTC price bull run began.
BTC records another historic price level
Data from Cointelegraph Markets and Tradingview tracked BTC / USD as the pair finally broke through the all-time high after several weeks of slight corrections and periods of consolidation.
The bulls had spent considerable time in limbo as Bitcoin repeatedly tested all-time highs prior to $ 58,350, with a significant resistance area under the slowing progress.
Ultimately, however, optimism prevailed and the largest cryptocurrency by market cap took its final step. At the time of going to press, the price action has focused on an area just below $ 60,000 amid characteristic volatility.
As the price of Bitcoin moved closer to the previous record high, analysts at Whalemap observed some interesting activity on the chain.
According to the research team:
“The realized Cap HODL waves show what percentage of realized capitalization belongs to HODLers of different types (1y-3y hodlers, 3y-5y and so on). Usually, macro highs occur when the market oversaturates with FOMO. be identified when a large% of the realized cap belongs to short-term hodlers (less than 6 months). Recent macro highs have been accompanied by more than 95% of realized cap belonging to hodlers less than 6 months old. Currently , we’re at 82%. “
The long road to a new price hurdle
The anticipation of $ 60,000 and more had steadily accumulated in recent days. As Cointelegraph reported, professional analysts as well as traders were set to announce the end of Bitcoin’s price side action, as indicators pointed in favor of the bulls.
The now standard narrative of sound measures on the chain, combined with positive institutional support, has helped build confidence. Now that the price of Bitcoin has reached the $ 60,000 level, many analysts have set their targets for the $ 72,000 area, followed by $ 100,000.
The overall cryptocurrency market capitalization now stands at $ 1118 billion and Bitcoin’s dominance rate is 61.9%.
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