The ongoing bull market in Bitcoin (BTC) entered another phase after breaking the resistance area between $57,000 and $60,000 in a day. Bitcoin price has risen more than 9 percent in the last 24 hours and was around $63,205 on Thursday. As a result, Bitcoin price is on the verge of its biggest monthly bullish close even before the halving occurs.
Furthermore, the flagship coin hit a new annual high of around $64,000 and the effects of the halving are yet to be felt. Currently, spot Bitcoin ETF issuers are purchasing nearly 10,000 BTCs daily, compared to the 900 coins miners produce daily. It is safe to assume that the upcoming parabolic crypto rally will be unique and driven by institutional investors.
Justification for Bitcoin rally beyond $63,000
On Wednesday, Bitcoin's on-chain transaction volume peaked at around $100 billion as more short traders became bullish. Increased Bitcoin and altcoin volatility has resulted in more than $797 million being liquidated from leveraged derivatives trading.
According to on-chain data analysis provided by Santiment, more than 283,000 unique coins were moved in the last 24 hours. Additionally, whale trades with more than $1 million per transaction totaled over 3,661 transactions.
Short term goals
Bitcoin price is now aiming for an all-time high (ATH) following yesterday's rally above $63,000. Furthermore, there is no major resistance until $69,000, which could mean a new high before the upcoming halving.
Meanwhile, profit-taking by short-term Bitcoin holders could intensify in the coming weeks, spreading the returns across the altcoin market. Consequently, the altcoin market could gain more as more investors speculate on the inevitable rally.
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