Bitcoin hit $ 60K after the price went through a key resistance cluster

Bitcoin hit $ 60,000 for the first time on March 13 when the expected uptrend returns after uncertain days.

BTC / USD 1 hour | Source: Tradingview

Bitcoin set a record with another important price

Data from Tradingview shows that BTC / USD is finally above historical levels after weeks of slight corrections and few consolidations.

The bulls have been in limbo for a considerable time as Bitcoin repeatedly tested all-time highs of $ 58,350, with a strong area of ​​resistance below slowing progress.

In the end, however, optimism won and the biggest cryptocurrency by market cap hit the latest milestone. At the time of writing, the price was already above $ 60,000 amid characteristic volatility.

As Bitcoin’s price inched closer to its previous all-time high, analysts at Whalemap observed some interesting on-chain activity going on.

HODL Wave Capitalization | Source: Whalemap

According to the research team:

“The real capitalization HODL waves show that the real cap percentage belongs to different types of HODLer (1-3 year hodler, 3-5 years, etc.). Usually, macro peaks occur when the market is over saturated with FOMO. This can be determined when the majority of real capitalization belongs to short-term holders (less than 6 months). The final macro peaks with more than 95% of the real cap belong to short-term hodlers less than 6 months. Right now, we are at 82% ”.

The long road leads to a new price hurdle

Predictions of $ 60,000 and even higher have been steady in recent days. As reported, professional analysts as well as traders are ready to announce the end of the previous sideways price action as indicators favor the bulls.

Healthy on-chain metrics combined with positive support from institutions reinforce trust. Bitcoin’s price has now surpassed $ 60,000 and many analysts have targeted the $ 72,000 zone, followed by $ 100,000.

Total crypto market cap is currently $ 1,118 trillion and Bitcoin’s dominance rate is 61.9%.

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