Bitcoin Gets To $62K As A New All-Time High: Price Analysis

Bitcoin gets to $62K after it increased over 100% in one year, marking a new all-time high today so let’s see more in our bitcoin news today.

Bitcoin set another ATH and the price record comes a day Before Coinbase’s Direct Listing on Nasdaq. Bitcoin’s price set a new ATH of $62,685 according to Coingecko but since then, the price dipped slightly and it is holding under $62,500.

The number one cryptocurrency was on a tear lately with its price increased by over 6% over the past week. Its new ATH came a day shy of Coinbase’s public listing on the Nasdaq platform which is seen as a milestone for the entire crypto industry. However, it is not only the Coinbase listing that investors are hoping to boost the BTC price record again. According to analyst Jason Deane from Quantum Economics, the new price record was inevitable.

Bitcoin gets to $62K as it is testing the resistance level for a few weeks now, each time bouncing off but coming back undeterred as Deane added:

 “Today’s all time high was therefore all but inevitable as sheer market momentum, investor sentiment and accelerating rate of development act as primary drivers.”

Beyond the Coinbase listing, there were a few examples of more institutional interest in BTC to account for the price surge. Yesterday Microstrategy announced that its Board of Directors will be paid in BTC while the company invested more than $5 billion in the cryptocurrency. As with any ATH, Bitcoin is in uncharted territory and prompted the entire crypto industry to ponder what will happen next with the flagship cryptocurrency. Many of the crypto industry analysts expect BTC to climb higher than its current price as Antoni Trenchev who is the co-founder of Nexo said:

“I have no doubt that this bull run is far from over.”

As earlier reported however, HSBC will not allow trades to invest in Microstrategy stocks because most of the company’s stocks are in Bitcoin. HSBC is one of the largest banks in the world that already blocked transfers from crypto exchanges to client accounts as it took an anti-crypto policy. The bank confirmed that it will not allow customers to trade Microstrategy stocks because the company has a significant amount of BTC holdings.