Key Points
- Bitcoin [BTC] breaks $60,000 barrier, trading at $63,762 with a bullish momentum suggesting a potential rise toward $70K.
- El Salvador continues daily Bitcoin purchases, boosting its total holdings to 5,851 BTC.
Bitcoin [BTC], after days of struggling, has finally broken the $60,000 barrier and is currently trading above this key level. The latest data from CoinMarketCap shows a slight drop of 0.32% in the past 24 hours, with BTC priced at $63,762.
Saylor’s Bitcoin Optimism
Michael Saylor, Bitcoin enthusiast and MicroStrategy co-founder, continues to affirm the cryptocurrency’s potential. He commented on its ongoing promise and growth, stating that four years on the Bitcoin Standard would have outperformed every company in the S&P 500. Despite short-term fluctuations, MicroStrategy’s commitment to Bitcoin has paid off, with BTC’s returns outperforming every S&P 500 company.
Bitcoin’s Future Trajectory
TradingView data analyzed by AMBCrypto suggests a bullish future for Bitcoin. The Relative Strength Index (RSI) remains above the neutral level at 57, indicating positive momentum. The MACD line also lies above the signal line, displaying green histograms, suggesting that buying pressure currently outweighs selling pressure. Additionally, IntoThebBlock data reveals that a majority of BTC holders (88.31%) currently possess tokens valued above their purchase price, suggesting a potential bull run for Bitcoin.
Cathie Wood’s Ark Invest predicts that if BTC continues on this trajectory, its value could skyrocket to $1.5 million by 2030. Glassnode founders, Jan Happel and Yann Allemann, also believe that Bitcoin is well-positioned to potentially reach and test the $70,000 level again.
El Salvador, the first country to officially adopt BTC as legal tender, has been consistently increasing its Bitcoin reserves. Since 16 March, the Salvadoran government has been purchasing one Bitcoin daily, resulting in an additional 162 BTC added to their holdings. El Salvador’s total BTC holdings now amount to 5,851 BTC, valued at approximately $356.4 million based on current market prices.
As Bitcoin approaches new highs, the focus is on whether it will break through the $66K resistance.
