Bitcoin opens the way for growth up to $ 70 thousand

At the beginning of Sunday, bitcoin hit all-time highs around $ 61,800. On Saturday, the first cryptocurrency broke through the round $ 60,000 level.

Over the past week, Bitcoin has grown by 10 thousand dollars (20%). The price is growing steadily against the background of relatively low volatility.

On the December futures of the FTX exchange, the cryptocurrency is already trading above $ 74,000. According to the Skew service, the options market participants estimate the probability of bitcoin rising above $ 100,000 by the end of April at 8%, but by the end of December it reaches 20%, writes ttrcoin.

“The new stimulus package in the US, Elon Musk, whipping up the excitement, surrender of sellers and low liquidity of the weekend – this cocktail of factors pushed bitcoin above the $ 60,000 mark,” said analyst El Moya. “Bitcoin has shown its strength again and nobody wants to go against this trend.”

Analysts at Stack Funds, using data from CryptoQuant, found that the actions of the miners became a kind of trigger for another rally in Bitcoin. It was the mining pools that reduced the sales of coins and began to withdraw them from the exchanges, which led to a shortage of BTC.

The researchers also found that after a massive sale in January, miners gradually increased the outflow of bitcoins from trading floors. The last time such activity was observed in 2015, after which the long ascent of bitcoin began, which peaked in early 2018.

Meanwhile, a year ago, on March 12, 2020, bitcoin almost doubled in price, dropping to $ 3,700. Since that time, the first cryptocurrency has risen in price 16 times. Over the past year, not only the price has grown – there have been large-scale shifts in the mass adoption of cryptocurrency.

“In case of confident passage of $ 60k and the victory of the bulls in the subsequent correction, the road may open for bitcoin to grow up to $ 70k”, – the team of analysts at FxPro notes.

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