BTC price breaks $ 57.4,000 in new push towards February resistance


Bitcoin (BTC) left markets guessing at Wall Street opening on October 11 after it was rejected after hitting its highest level since May.

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

BTC price teases $ 58,000 high in February

Data from Cointelegraph Markets Pro and TradingView showed a BTC / USD track of $ 57,000 after hitting $ 57,450 on Bitstamp – its best since May 10.

In doing so, Bitcoin completely negated the impact of China’s mining debacle and the subsequent redistribution of the hash rate around the world.

Amid a festive mood among analysts, predictions largely centered on a run to a six-figure peak starting as early as possible.

“All data science models suggest that BTC will peak well above $ 100,000 during this cycle,” added trader and analyst Rekt Capital on that day.

Even at current prices, BTC / USD has only been higher for 38 days in its lifetime, Anthony Pompliano, co-founder of Morgan Creek Digital Noted.

Bitcoin supply crisis becomes commonplace

This could be helped by a unique macro environment further adding to Bitcoin’s appeal as a finite offer investment, Bloomberg said.

Related: BTC Price Hits $ 57,000 In Five Months – 5 Things To Watch Out For In BTC This Week

In the last of his frequent bullish Bitcoin tweets, Mike McGlone, senior commodities strategist at Bloomberg Intelligence, highlighted the upcoming turmoil over US fiscal policy.

“Relative to rising US debt and tensions over a potential default, Bitcoin could enter a single phase of price increases in Q4 as markets gain confidence in the coding that defines the supply. of crypto, ”he said. tweeted.

“Debt Ceiling Drama May Work Against Managers Who Avoid Bitcoin Allocations”

Graph of bitcoin supply versus US debt-to-GDP ratio. Source: Mike McGlone / Twitter

Worries did not worry the dollar early in the week, however, as the US dollar currency index (DXY) once again rose above 94 support.