Bitcoin Price Breaks $60,000 Resistance for the first time Since April, is New ATH in View?

The price of Bitcoin (BTC), the digital currency industry’s flagship asset has soared past the $60,000 resistance point for the first time since April 2021. The uptrend is undoubtedly the result of a resilient market, as maintained by a hoard of retail traders, with heavy institutional money also helping to suture the crack in the price of the premier cryptocurrency, as it battles a number of regulatory uncertainties in the past months.

At present, Bitcoin is changing hands at $60,075.04, up 4.73% in the past 24 hours, and atop a 9.42% growth in the past week. 

Bitcoin to USD Chart. Source: CoinMarketCap

The coin’s steady growth has been very impressive in the past month, during which it grew from $39,787.61 to the point it currently is today. There is a high level of volatility around the $60,000 price point, as the indecisive actions of the bears are threatening the ability of the bulls to hold the point as formidable support.

Bitcoin Price is Suppressed by China, Boosted by the US

The downtrend Bitcoin has witnessed for the better part of the year which pulled it down from its All-Time High of $64,863.10 to its 6-months low of $29,360.96 was fueled by the Chinese government’s crackdown on mining activities in the country. While the government’s anti-Bitcoin mining efforts for this year date back to May, the People’s Bank of China (PBoC) dealt its final blow last month when it declared all cryptocurrency-related transactions illegal, a move that has pushed out major players including Bitmain.

With China pushing out miners, the United States is currently ranked as the country that now controls the largest bulk of the Bitcoin mining hashrate as reported earlier by TheCoinRise. Beyond serving as a hub for miners, the anticipation for a Bitcoin Futures-backed Exchange Traded Funds (ETF) is also a major buzz that is fueling investor sentiment.

After a bout of Bitcoin ETF rejections, the SEC is now reportedly poised to approve the filing made by ProShares and Invesco in the coming week, a move many believe will come easy noting that both applications follow the recommendations proposed by SEC Chairman, Gary Gensler.

Hopes for a New ATH?

With the US market solidly behind Bitcoin as it appears, more capital inflows that will help stabilize the price of the cryptocurrency may flow in, especially if the SEC makes good on its expectation to approve a Bitcoin ETF product.

The growing anticipation may fuel an increased rally in the price of Bitcoin, and if the current buying momentum is sustained, we may see Bitcoin soar past its previous ATH in the coming week, opening up the doors for new price discovery. This Bitcoin rally is billed to also stir a rally in other altcoins including Ethereum (ETH), and XRP amongst others.