Bitcoin price rockets to US$66,140: 3.8% surge in a single day ignites the cryptocurrency market
Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, remained flat around US$66,000 early Thursday. It looks that the grand old cryptocurrency is still not ready to let go of its surge, which saw it reach its all-time high earlier this week.
Other popular coins, including as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), all rose in price. The Fetch.ai (FET) token had the greatest rise of the bunch, with a roughly 50 percent increase in 24 hours. Memecoin BONK was the largest loss, dropping more than 7% in 24 hours. At the time of writing, the worldwide crypto market valuation was US$2.5 trillion, up 5.30 percent in 24 hours.
What Crypto Exchanges Are Saying About The Present Market Scenario
Edul Patel, co-founder and CEO of Mudrex, told ABP Live that Bitcoin had rebounded at US$66,000 after dipping to US$60,000 following liquidations. Bulls see the decline as a buying opportunity, indicating demand at lower prices. If bulls can drive the price over US$69,000, the next resistance level is US$70,200. The current support level is US$65,600. Despite the drop, BlackRock’s iShares Bitcoin Trust ETF saw its greatest inflow of US$788 million and purchased 12,000 more Bitcoins, demonstrating the rising demand. On the other side, Ethereum is trading at US$3,700. Bulls are seeking the US$4,000 level, indicating an optimistic attitude.
The CoinSwitch Markets Desk stated, “In the last 24 hours, Bitcoin traded in a range near its all-time high of US$69k, failing to break above US$67.5k.” The bulls want Bitcoin to stay over US$63k a day after reaching an all-time high. As institutional money continues to come into Bitcoin, over-the-counter (OTC) firms have begun to report one of their historically lowest numbers of accessible bitcoins for sale.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, stated, “Bitcoin’s tenacity is clear as it rebounds almost 8% in a day, reaching US$67,231.45 from a low of US$60,000. This sparks additional curiosity about its future direction. With a trade volume approaching US$76 billion, Bitcoin maintains its supremacy and investor confidence. Resistance levels are US$66,930, US$69,045, and US$71,992, while support levels are US$61,562, US$59,380, and US$56,863. The Relative Strength Index is at 58, which indicates market equilibrium. A Doji candlestick formation near US$69,000 shows market uncertainty, while the 50-day EMA at US$62,598 supports bullish optimism. A cautious optimistic posture is encouraged, with the US$69,000 barrier and the anticipated US NFP data providing market guidance.”
According to Shivam Thakral, CEO of BuyUcoin, “Minutes after reaching ATH, the largest cryptocurrency experienced a rapid drop of more than 10%. This price action has reversed, and Bitcoin has returned to the US$66,000 range. This price momentum may have been spurred by Spot ETF purchasers, as BlackRock iShares Bitcoin ETF (IBIT) purchased US$778 million worth of Bitcoin inflows on Tuesday. IBIT has added almost 12,600 bitcoin, exceeding its previous daily record of over 10,000.”
The CoinDCX Research Team informed ABP Live that the cryptocurrency market has rebounded significantly in the last 24 hours after a recent slump. Ethereum (ETH) led the charge, reaching a new annual high of US$3,900 and demonstrating tremendous strength in its upward trend. Meanwhile, Bitcoin (BTC) had a significant increase, hitting approximately US$67,600 before settling near US$66,000.
BTC is facing a critical resistance zone near US$69,000, although it is still supported by the 50-day Exponential Moving Average (EMA) on the 4-hour timescale, signaling probable stability. On the other hand, ETH is looking for US$4,100 as its next resistance level, with solid support from the 4-hour chart’s 20-day EMA. Altcoins, particularly AI tokens like FET, Ocean, and AGIX, surged as BTC stabilized and lost supremacy.
