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Bitcoin Price hit $60,000 for the first time on March 13 as the long-awaited continuation of the BTC bull run got underway.
Data from Cointelegraph Markets and Tradingview tracked BTC/USD as the pair finally crossed the historic level after several weeks of mild corrections and periods of consolidation.
Bulls had spent a considerable time in limbo as Bitcoin tested prior all-time highs at $58,350 repeatedly, with a significant resistance zone beneath slowing progress.
In the end, however, optimism won out, and the largest cryptocurrency by market capitalization clinched its latest milestone. At press time, price action focused on an area just below $60,000 amid characteristic volatility.
As Bitcoin price inched its way closer to the previous all-time high, analysts at Whalemap observed some interesting on-chain activity taking place.
According to the research team:
“Realized Cap HODL waves show what percentage of realized capitalization belongs to HODLers of different type (1y-3y hodlers, 3y-5y and so on). Usually, macro tops occur when the market over-saturates with FOMO. This can be identified when a large % of realized capitalization belongs to short term hodlers (younger than 6 months). The last macro tops were accompanied by more than 95% of realized cap belonging hodlers of less than 6 months. Currently, we are at 82%.”
Anticipation of $60,000 and even higher had steadily built up over recent days. As Cointelegraph reported, professional analysts as well as traders were poised to announce the end of Bitcoin’s prior sideways price action as indicators pointed in bulls’ favor.
The now-standard narrative of healthy on-chain metrics combined with positive support from institutions served to bolster confidence. Now that Bitcoin price has reached the $60,000 level, many analysts have set their targets on the $72,000 zone, followed by $100,000.
In other trending Bitcoin News today:
Member of French Parliament Signs Petition That Urges Central Bank to Adopt Bitcoin
While Wall Street is already diving headfirst into Bitcoin, the world’s central banks keep scoffing at the cryptocurrency. One French politician is attempting to change that.
Jean-Michel Mis, a member of the National Assembly (the lower house of the French Parliament), has signed a petition to the French Senate that would authorize the Bank of France (Banque de France) to purchase Bitcoin and other cryptocurrencies.
The petition was initially filed by Ark Ecosystem CEO Francois-Xavier Thoorens earlier this month.
It cites MicroStrategy and Tesla as the companies that have purchased large sums of Bitcoin while also mentioning Miami’s plan to potentially invest its treasury reserves into the cryptocurrency:
France must adopt a strategy in this area and a law enabling it to be applied. I, therefore, propose an update of the Monetary and Financial Code to endow the Banque de France with the capacity to buy, sell and hold bitcoins and other crypto-assets that it sees fit.
Presently, it has collected only 293 out of the 100,000 required signatures to meet the threshold for pushing the discussion onto the Senate floor.
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