Bitcoin Hits $60K, Edges Closer to Breakout

On Friday, Bitcoin briefly hit $60,000 and surged above the psychological hurdle. This is the fourth time the coin is retesting $60k in a slow grind back to its all-time high of $61,000.

TradingView showed bullish tendencies remaining overnight for the BTC/USD pair. A correction below $60k pushed the king cryptocurrency back to $59,000. At 11:19 GMT on Friday, the coin was exchanging hands at $59,810, only about $200 away from $60,000 and a gain of 1.79% over the last 24 hours.

While BTC is currently correcting, ETH has surged up to $2,000. The sustained bullish momentum means that Bitcoin has effectively canceled out the flash crash from last week.

For popular trader Crypto Ed, the outlook was for $60,000 to disappear as resistance based on fading selling pressure on exchanges. Higher than $70,000, however, may have to wait longer. He wrote on Friday:

I mentioned BTC target $73k and ETH $2300. From what I see now, ETH is on track. BTC not convinced yet it will reach that target in this cycle but I do think we’ll see a strong push above 60k (soonish).

Other traders have remained more optimistic with the short-term estimates for the price of BTC. Estimates such as $68,000 and $73,000 have continued to be mentioned. Even some exceeding $288,000.

Twitter trader Rekt Capital added:

The ~$57,500 area rejected BTC in February. But it looks like BTC turned this exact same level into support a couple of days ago. Now it’s about follow-through from here. And we’re seeing some follow-through today.

Coinbase list on Nasdaq

The US cryptocurrency firm, Coinbase, announced late night Thursday that it received approval from the US securities regulator, the Securities and Exchange Commission, to list its share on the Nasdaq via a so-called direct listing under the ticker ‘COIN’ on April 14.

Launched in 2012, the cryptocurrency exchange firm provides exchange, trading, staking, and custodianship services for its retail and institutional clients. It has a presence in over 100 countries. Last year, it did $1.3 billion in revenue and $322 million in profits.

The firm has $1 billion in cash reserves, which expects to protect it from bitcoin’s notorious price fluctuations that impact everything from its revenues to earnings. For example, Coinbase lost about $30 million in 2019 as the bitcoin prices declined. A huge chunk of the firm’s revenue comes from transaction fees charged on bitcoin and other cryptocurrency trades.

This news follows Morgan Stanley declaration in a filing with US Securities and Exchange Commission that it will offer exposure to the flagship cryptocurrency as an investment option through the shares of Grayscale Bitcoin Trust (GBTC) or cash-settled futures. Bitcoin held on to its recent gains as Coinbase moved to Wall Street and Morgan Stanley entered the Crypto Street

It is expected that Bitcoin break over $60k will allow the next bull rally to begin.

If you have any questions and comments on Bitcoin today, use the form below to reply.

Source: https://www.earnforex.com/commodities/bitcoin-hits-60k-edges-closer-to-breakout/