BTC breaks 64,000, interpreting the rising logic for you on three levels
According to the Bitcoinwin digital currency platform market, Bitcoin broke through the 62,000 first-line pressure level yesterday afternoon, and went straight to the current highest 64,500. The current market is running around 62,700.
In the past week, Bitcoin has been hovering around $60,000, and finally broke through the resistance level, successfully reaching a new height, with an increase of 5% yesterday. In many people's eyes, Coinbase's public listing on Nasdaq is a milestone event in the encryption industry and has become an important driving force for Bitcoin to break through to new highs. This is also an important reason why Bitcoin's market broke through its historical high yesterday.
Bitcoin’s breakout to new highs has more than just a Coinbase listing, making this new price record almost inevitable. Bitcoin has been testing resistance for several weeks, and every dip has been followed by an immediate recovery that has not been held back. So today's all-time highs are almost inevitable due to the strength of the market, investor sentiment, and the speed at which the stock market has risen, with market developments being the main driver.
Institutions that once unanimously rejected Bitcoin have now accepted it one after another, and have rarely heard opposition from institutions. They are either considering adopting Bitcoin or have already begun to adopt it. Goldman Sachs Group Inc. and Morgan Stanley have announced plans to offer their clients investments in cryptocurrencies. Tesla Inc., which disclosed a $1.5 billion investment in bitcoin earlier this year, recently began accepting it as payment for electric vehicles.
As with every previous breakout to an all-time high, bitcoin is now officially entering uncharted territory, prompting the cryptocurrency industry to consider what's next for the largest cryptocurrency. Not surprisingly, many in the cryptocurrency industry expect Bitcoin to climb even higher than its current price. Therefore, the entire external environment is improving, and everything is pushing the entire cryptocurrency market to a higher position.
After reading the external environment, let’s understand the fundamentals of the Bitcoin chain.
The above picture shows the situation on the entire Bitcoin chain. The purple line in the figure shows the change in the proportion of the top 50 currency-holding addresses, and the blue column chart below shows the change in the total BTC currency-holding addresses. Members of the "Rich List" are still increasing their holdings. The proportion of the top 50 currency-holding addresses has continued to rise in the past month, including the number of new addresses is also increasing, which can reflect large investors and retail investors They all unanimously recognize the value of BTC and are optimistic about the future of BTC.
At present, the fundamentals of BTC are good, and all data aspects are very beneficial to bulls. Let's take a look at its technical aspects.
(BTC-Daily Chart)
BTC has gradually stepped out of an ascending triangular interval during the turmoil that lasted for more than a month. Various indicators also indicate that the market is likely to change upwards this week, so yesterday’s market also broke through the upper pressure level of the triangular interval in heavy volume. , successfully entered the new space.
