As bitcoin’s price keeps climbing, the previous All-Time High (ATH) seems to be in sight now.
Rising once again earlier today, as high as $67.8k at one point, bitcoin ATH keeps getting closer. However, the index did drop slightly and is now trading around the $67,600 shortly after. $67.5k is a new 27-month high for the digital asset and it is now very close to the previous bitcoin ATH of $69k.
In Europe, Bitcoin has posted a new ATH against the Euro. It is now trading above 60,000 EUR for the first time in its history. This shows that the US Dollar has improved its strength over the European fiat currency in the last 2 years or so. BTC also posted a new ATH of 467,300 against the Chinese Yen (CNY). This is despite the digital asset being banned in mainland China by the government.
According to Balaji Srinivasan, the former CFO of Coinbase:
“Bitcoin has surpassed all-time highs in 30+ countries, including China and India”.
The largest digital currency by market capitalization has posted a new high against most of the major currencies in the world apart from the Dollar and a few others.
Approaching Bitcoin ATH: How the Last 24 Hours Unfolded
The last 24 hours started with BTC trading just below the $63k resistance. It traded sideways around that valuation for a few hours before starting to rise steadily. It went above the $63k level and never looked back. It eventually posted a new 27-month high of $67.8k. It is now trading between the $67k and $68k level at press time and climbing steadily.
The other markets especially S&P 500, Nasdaq Composites, etc posted little to no change overall. The secondary digital asset market also posted gains but they remained mixed overall.
Is a New ATH Right Around the Corner?
Bitcoin is less than 3 percentage points away from posting a new ATH. The bullish fever isn’t slowing down and analysts are expecting a new ATH in the coming days, if not weeks.
However, the buildup to the previous ATH can cause some bullish exhaustion. Last time around, the digital asset posted a dip soon after it recovered close to the then ATH of $20k. So, a short-term price pullback cannot be overruled at the moment.
The Buildup to the Halving
The buildup to the April 15 Bitcoin halving has been nothing short of absolute bullish dominance of the proceedings. The premier digital asset has risen 300% in almost a year despite 2023 not being a bull market year.
But, according to analyst Michael Van de Poppe, questions will start to rise that can dent the bullish sentiment. He tweeted:
The halving is less than 6 weeks from now. It remains to be seen just how effective the bulls will be in the buildup to the major bitcoin milestone.
