Bitcoin Blasts Past $53K as Crypto Rally Resumes

Bitcoin 2 26 2024 LearnCrypto Powered By Wyckoff SMI 2024

Bitcoin could target $58,000 after the breakout, Swissblock analysts suggested.

Bitcoin (BTC) surged past $53,000 on Monday to its highest price since November 2021, leaving past its recent sideways range as the crypto rally suddenly resumed.

The largest crypto by market cap broke out from its trading channel, hitting $53,600 during mid-morning U.S. trading hours, CoinDesk data shows. At press time, BTC was changing hands at $53,100, up 3.8% over the past 24 hours. The broad-market CoinDesk20 Index (CD20) advanced 2.3%, topping the 2,000 level for the first time.

Ether (ETH), the second-largest crypto asset, also rose nearly 4% hitting $3,150, a fresh 22-month high.

“BTC now seems to finally break out from the range it has been in since Feb. 15,” crypto analytics firm Swissblock said in a Telegram market update Monday. “The momentum is moving up strongly. All sails are set.”

Swissblock analysts added that the next level for bitcoin’s price target is the $57,000-$58,000 range, with new all-time highs in sight after that.

BY: Krisztian Sandor

Edited by Stephen Alpher.


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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in Bullish Group as part of their compensation.

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