The ongoing Bitcoin (BTC) bull run entered a different phase after the resistance range between $57,000 and $60,000 was smashed within a day. Bitcoin price has gained more than 9 percent in the past 24 hours to trade around $63,205 on Thursday. As a result, Bitcoin price is on the cusp of having the largest monthly bullish close even before the halving occurs.
Furthermore, the flagship coin reached a new yearly high of around $64K and the halving impact is yet to be felt. Currently, the spot Bitcoin ETF issuers have been purchasing nearly 10k BTCs daily compared to the 900 coins miners produced daily. It is safe to assume that the upcoming parabolic crypto rally will be one of a kind fueled by institutional investors.
Justification of Bitcoin Rally Beyond $63k
On Wednesday, Bitcoin’s on-chain transaction volume reached a high of around $100 billion, as more short traders turned bullish. The heightened Bitcoin and altcoin volatility has resulted in more than $797 million being liquidated from the leveraged derivatives trading.
According to on-chain data analysis provided by Santiment, more than 283k unique coins were moved in the past 24 hours. In addition, whale trades involving more than $1 million per transaction amounted to over 3,661 transactions.
Also Read: With 95% of BTC Supply in Profits, Can Bitcoin Price Form a New ATH Above $70,000?
Short Term Targets
Bitcoin price is now aiming for an all-time high (ATH) after yesterday’s rally above $63k. Furthermore, there is no major resistance level until $69k, which could mean a new ATH before the upcoming halving.
Meanwhile, profit-taking from Bitcoin short-term holders could accelerate in the coming weeks, and yields distributed to the altcoin market. Consequently, the altcoin market could gain more as more investors speculate on the inevitable rally.
