Bitcoin
and other cryptocurrencies continued their rise Tuesday as the largest digital asset briefly hit its highest levels ever and analysts are bullish on more gains coming for cryptos.
The price of
Bitcoin
has climbed 2% over the past 24 hours to $67,900, with the biggest crypto briefly trading as high as $69,209, according to Dow Jones Market Data. That level is the new high water mark for Bitcoin, surpassing the token’s previous record of $68,990 from November 2021. The Crypto Fear and Greed Index rose to 90 out of 100 on Tuesday, signaling Extreme Greed and marking the highest levels in three years.
“Bitcoin accelerated towards its record high with strong upside momentum behind the crypto rally,” said Tom Essaye, the founder of Sevens Report Research.
While Bitcoin has been on a tear since last summer, gains have accelerated since the start of the year—with prices up more than 50% in 2024—following the approval of the first spot Bitcoin exchange-traded funds (ETFs) in the U.S. Crypto bulls hope these funds will usher in a fresh wave of investor interest in Bitcoin, with strong net inflows in recent weeks suggesting that narrative is playing out, buoying prices since the ETFs buy and hold the tokens themselves.
Bitcoin’s gains have come amid improving risk sentiment in wider markets, with the
S&P 500
and
Nasdaq
stock indexes having notched their own all-time highs in recent days. Upward pressure from ETF inflows continue to support Bitcoin’s rise, though risks loom from macroeconomic catalysts in the coming days that could erode risk sentiment. A strong technical market backdrop also was helping matters, with analysts eyeing a high ceiling for Bitcoin prices in this rally.
“Two consecutive weekly closes above around $64,900 are required to confirm a breakout … if confirmed, a breakout would be a long-term bullish development, leaving no resistance left. Momentum is strongly positive across timeframes, which warrants a bullish bias,” said Katie Stockton, managing partner at technical research firm Fairlead Strategies. “A confirmed breakout would target a measured move of around $80,600. Long-term momentum is positive, and there are no signs of long-term upside exhaustion, supporting a bullish bias for the months ahead.”
Beyond Bitcoin,
Ether
—the second-largest crypto—jumped 7% to above $3,800. Smaller tokens or altcoins were more muted , with
Cardano
down 2% and
Polygon
just above flat. Memecoins were outperforming, with
Dogecoin
up 6% and
Shiba Inu
surging 31%—signs that bullish sentiment was at fever pitch as traders pile into tokens based initially on internet jokes.
Write to Jack Denton at [email protected]
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