Bitcoin Price is on the verge of a major breakout above $ 60,000 and PayPal’s decision to make digital asset services more accessible. The world’s largest cryptocurrency, which now has a market cap of $ 1 $ 100,000, has risen more than 17% since its March 25 low of $ 50,400.
At the time of writing it is trading at $ 59,450 as it begins to nudge solidly toward its all-time high of $ 62,000. From a technical level, if bitcoin is dealt with rejection from a psychological level of resistance at $ 60,000, it will most likely return to re-test its level of support at $ 57,500.
However, a breakout on the amount of convincing could trigger an apparent drive to a new all-time high, pointing to the Fibonacci expansion level of $ 42,000 price target.
The alleged adoption of bitcoin among mainstream payment companies has fueled this recent rally, although it is worth noting that institutional investment is also at an all-time high, with Tesla investing $ 1,500,000,000 in January has gone.
It is also worth noting that retail attention has been much lower than in 2017, indicating the asset class matures away from the hype-driven ICO bubble.
The sentiment remains frothy and it is important to state that in its 11-year history, bitcoin has always fallen from a bull market before retreating into a fierce bear market that could last for several years.