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Bitcoin Tops The $57k Resistance Level And Could Head For $60k Next

The cryptocurrency market is experiencing a mixed performance, but Bitcoin remains one of the best performers at the moment.

Bitcoin Surpasses The $57k Resistance Level

Bitcoin has been one of the best performing cryptocurrencies in recent days. The leading cryptocurrency’s price is up by more than 20% since the start of the month as the market recovers from the slump suffered in the third quarter of the year.

Although Bitcoin’s price is still down from its all-time high, it has been working hard to bridge the gap and head towards a new all-time high again. Earlier today, BTC broke another resistance level after struggling to reach the $57k level for the past few days.

BTC/USD chart. Source: FXEMPIRE
BTC/USD chart. Source: FXEMPIRE

BTC has been trading between the $55k and $56k levels since the start of the week. However, it finally rallied higher and broke past the $57k barrier a few hours ago. With this latest rally, Bitcoin is perfectly placed to rally higher and attempt to reach the $60k resistance level over the coming days.

Any movement towards the $60k level would be enough to push the bulls to make a run for its all-time high around the $65,000 region. Most market analysts and experts are optimistic that this is the start of another Bull Run, and Bitcoin could soar higher over the coming days and weeks. Some of the experts predict that Bitcoin could attempt to reach the $100,000 level before the end of 2021.

Altcoins Are Still Underperforming

The latest market performance could indicate that we have entered a bullish Bitcoin scenario. While Bitcoin is rallying, most of the leading altcoins are trading in the red zone. Ether (ETH) is currently down by more than 3.5% and is trading below the $3,500 level once again.

Cardano (ADA) is one of the biggest losers after dropping nearly 6% of its value in the past 24 hours. Binance Coin (BNB) is down by a similar percentage, while XRP and Solana (SOL) have lost 6% of their value over the past few hours. Polkadot (DOT) is the biggest loser amongst the top ten cryptocurrencies after losing more than 8% of its value so far today.

This article was originally posted on FX Empire