The price of Bitcoin (BTC) has crossed a new all-time high on Tuesday when the leading crypto jumped over $63,275. At the time of writing this post, its price is $63,456. The analysts agree that this fresh record can be broken in the following days as Bitcoin is seen rising towards $70k.
Bitcoin Touches New Highs
BTC has finally crossed the psychological resistance at the $60k mark and even brushed past the last all-time price high. At around 5 a.m. (EST), bitcoin’s price jumped to a new ATH reaching $63,275 per BTC. At the time of writing, BTC is just under the $63k handle and has a market valuation of around $1.177 trillion today. That’s approximately 54% of the entire $2.153 trillion crypto market economy, as stated on the official site of Bitcoin.
Analysts use the term “price discovery” when the price of an asset reaches a new all-time high. On Tuesday, the price of Bitcoin entered price discovery, surpassing its record high as it made its way above $62,000. When an asset enters price discovery, two scenarios could emerge: It becomes overbought and sees a severe correction, or it sees stronger technical momentum and rallies further, as Cointelegraph wrote.
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