Bitcoin surpasses $54,000 — Possibility of heading towards $58,000 as crypto assets resume rising | CoinDesk JAPAN

• Bitcoin broke above $54,000 on the 26th, breaking a key resistance line that had capped the rally since mid-February.
• Solana, Polygon, and Cosmos lead the rise in altcoins. Crypto stocks Coinbase, MicroStrategy, Marathon Digital, and Riot Platforms posted double-digit gains.
• According to Swissbloc, Bitcoin’s next short-term target is between $57,000 and $58,000.

Bitcoin (BTC) surpassed $54,000 (approximately 8.1 million yen, equivalent to 150 yen to the dollar) on the 26th, soaring to its highest price since November 2021. It has surpassed its recent sideways range amid a sudden resumption of gains in the crypto market.

Bitcoin broke above $53,000 in mid-morning U.S. trading, a key resistance line that had capped gains over the past two weeks, according to data from CoinDesk. By the afternoon, the stock had quickly risen to just below $55,000, before receding slightly. At the time of writing, Bitcoin was trading at $54,400, up nearly 5% in the past 24 hours, outpacing the 4% rise in the CoinDesk 20, which measures the top performing crypto assets by volume. There is. CoinDesk 20 hit the 2000 mark for the first time.

Ethereum (ETH) also rose nearly 4%, hitting a 22-month high of $3,200 (approximately 480,000 yen).

Solana (SOL), Polygon (MATIC), and Cosmos (ATOM) led gains among the major crypto assets that make up the CoinDesk 20, rising 5% to 7%.

Due to the rise in crypto assets, stocks related to digital assets also rose. Shares of Coinbase and Michael Saylor's MicroStrategy both rose 17% on the day. Leading Bitcoin mining companies Marathon Digital and Riot Platforms posted gains of 22% and 15%, respectively.

Bitcoin goal is $58,000

Some market watchers had predicted that a correction to $48,000 could occur as Bitcoin stalled. However, the rally on the 26th firmly broke one of the most recent historically significant resistance levels that led to record highs.

“Bitcoin finally appears to be breaking out of the range it has been in since February 15th,” crypto asset analysis firm Swissblock said in a market analysis on Telegram on the 26th, adding, “Momentum is gaining strength. .All sails are up.''

Analysts at Swissbloc said Bitcoin's next price target is in the range of $57,000 to $58,000, with a new all-time high possible after that.

This move, coupled with the rising price premium of Bitcoin on Coinbase compared to other exchanges, indicates demand from American investors.

According to data from TradingView, interest in trading in Bitcoin spot ETFs (exchange traded funds) in the United States is also high, and BlackRock's IBIT, the world's largest asset management company, is the largest since its launch. The trading volume per day was recorded. However, the NYDIG report notes that ETF trading volume does not necessarily translate into inflows.

｜Translation and editing: Rinan Hayashi
｜Image: CoinDesk
｜Original text: Bitcoin Tops $54K, May Run Towards $58K as Crypto Rally Resumes