BREAKING: Bitcoin Price Smashes Above $60,000: Are New ATHs Ahead?

Bitcoin price action continues to pick up steam following unprecedented institutional demand amidst an asset supply that’s on the brink of being slashed by 50%. Today, the BTCUSD trading pair has broken cleanly above $60,000. What does this mean for the top cryptocurrency by market cap? Are new all-time highs just ahead? Bitcoin Trades Above $60,000 For First Time Since 2021 Just one month ago, Bitcoin was still stuck below $50,000 and the launch of the first ever US spot BTC ETFs were considered a sell the news event. Now, with only a day left in February, Bitcoin price is showing serious strength with a more than 40% single month increase. Bullish momentum has pushed BTCUSD above $60,000 where it is trading currently. Bitcoin hits $60,000 on most exchanges | BTCUSD on TradingView.com The bullish price action is due to the market front-running the halving now that the the impact of the introduction of the first meaningful Bitcoin ETFs are understood. ETF providers yesterday added as much as 9,000 BTC to holdings, while miners only managed to produce 900 BTC in the same timeframe. This amount is slashed by 50% at the halving in less than two months, potentially prompting institutional FOMO (fear of missing out). With Bitcoin now above $60,000 and around 13% away from all-time highs, new price records are within striking distance. After any cryptocurrency price takes out a current peak, price action moves into discovery due to a lack of sell orders in the order book. With no historical resistance to consider, Fibonacci ratios often help pinpoint there rallies will come to a conclusion. Related Reading: Why “Overbought” Bitcoin Could Trigger A 107% Rally According to…….