The world's number 1 cryptocurrency just broke its peak and recorded a new record price of 67,000 USD for 1 Bitcoin.
Last night, Bitcoin surpassed the peak price of $ 64,900 recorded in April 2021 to enter a new price zone. Currently, Bitcoin's temporary peak price is at $67,000. This is also the record high price of the world's No. 1 cryptocurrency.
After setting a new milestone, until the early hours of this morning, Bitcoin still maintained its newly formed position. As noted by VietNamNet, as of 6am this morning (October 21), Bitcoin price is still fluctuating around $66,000.
This is a rather strange thing because normally, with the current price, many investors will have the psychology of taking profits, leading to an immediate price drop. However, the fact that Bitcoin price is still moving sideways after creating a top shows the market's expectation and belief that Bitcoin will continue to rise in price and conquer the next milestones.
Along with Bitcoin's peak, a lot of investors' short positions were liquidated. These are the investors who “stopped the ship”, claiming that Bitcoin could not break above the old high and had conducted a short BTC position around $65,000.
During the 1-hour period at the time of Bitcoin's peak, a total of $151 million of short positions were liquidated on exchanges. In particular, the one who suffered the most was a "trader" on the Bitmex exchange with a liquidation order of up to 10 million USD.
Overall, the positive sentiment is covering the entire crypto market. The “Fear & Greed Index” is currently 82 out of 100. This shows the optimism and excitement of the entire market.
Along with the rise of Bitcoin, the price of Ethereum - the second most famous cryptocurrency in the world has also skyrocketed, to $ 4,150. This price of Ethereum is approaching the record high price of $4,370 set in May 2021.
With the price reaching $67,000, this is a historic moment for Bitcoin lovers.
As for the rest of the altcoins, the majority of cryptocurrencies have a price increase of 3-5% compared to the previous day. However, the prices of these cryptocurrencies are still in a compressed state and are only equivalent to when the Bitcoin price was around the $40,000 mark.
There are two reasons to explain this. The first is that the majority of market capital flows have shifted from altcoins to Bitcoin.
The second reason is because a part of investors still feel hesitant about Bitcoin's fast movements. They fear that the price of Bitcoin is too high, which will lead to a price drop and shock adjustment by profit taking. Therefore, many investors are still waiting for this move to buy altcoins at a better price than the current one.
In the long term, along with the top break, Bitcoin's uptrend has clearly formed. Therefore, many investors are confident that Bitcoin will soon surpass the $70,000 mark, even $100,000 by the end of the year. This is entirely possible because Bitcoin is gradually being recognized as an investment channel from many countries and financial institutions around the world.