Bitcoin Surges 9%, Nearing $60K Amid High Investor Confidence

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The Essentials in Brief

The Bitcoin price has risen by 9% in the last 24 hours, exceeding the $56,000 USD mark. This development has led to speculation that Bitcoin could soon reach the $60,000 USD mark. Despite the price increase, the buying pressure on the cryptocurrency remains high.

Bitcoin Price Increase: The Details

Bitcoin [BTC] surprised investors by showing a bullish performance overnight, allowing it to exceed the $56,000 USD mark. According to CoinMarketCap, the value of Bitcoin has risen by almost 9% in the last 24 hours. Despite the massive price increase, the buying pressure on the coin remains high.

Market Analysis and Forecast

Analysts have analyzed the on-chain metrics of BTC to verify whether the bullish sentiment will continue. They found that the BTC exchange reserve decreased, which means that the selling pressure was low at the time of the press. In addition, the Miners’ Position Index (MPI) showed that Bitcoin miners were selling their holdings in a moderate range compared to their one-year average.

The $60,000 USD Target

If the king of cryptos manages to maintain its bullish momentum, investors could see the BTC price reach higher price levels, with the $60,000 USD mark as the next target. To find out if BTC has obstacles ahead of it, its liquidation heatmap was examined. It was found that the path for BTC looks quite optimistic, as not much BTC would be liquidated before the $60,000 USD mark.

Our Assessment

Although some indicators have turned bearish, the overall sentiment around Bitcoin remains bullish. The fact that the buying pressure remains high despite the price increase suggests that investors continue to have confidence in the cryptocurrency. It remains to be seen whether Bitcoin will be able to continue its upward trend and reach the $60,000 USD mark.

Sources: Dipayan Mitra, Saman Waris, AMBCrypto, CoinMarketCap, CryptoQuant, Hyblock Capital, TradingView.

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Casinos: 48
Profile Bitcoin
Symbol BTC
Coin type Alt Coin
Transaction Speed Slow
Pros
  • First cryptocurrency, therefore very widespread
  • Largest selection of casinos among the coins
  • Many BTC based bonus offers
Cons
  • Fairly low transaction speed
Price 60.338,00 €
Percent Change 24h -0,36 %
Percent Change 7d -4,99 %
Percent Change 30d -9,27 %
Percent Change 60d -0,21 %
Percent Change 1y 142,13 %
Market Cap 1.189.652.390.522,00 €
Max. Supply 21.000.000
Official Links
Socials Reddit | X | Message Board
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I've been on the team since the beginning of 2024. I was completely swept away by the crypto hype. I love trying out the new currencies and testing them in online casinos. A few facts about me: I have a weakness for classic 3-reel slots and coffee! When I'm not at my desk, you'll find me at the coffee machine.
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Last update: 11. June 2024

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