Bitcoin has shattered a major psychological barrier, surging past the $75,000 level for the first time since its mid-March highs.<\/p>\n
The flagship cryptocurrency reclaimed the massive $75,577 average cost basis of corporate whale Strategy Inc. just one day after the firm announced another billion-dollar acquisition.<\/p>\n
Bitcoin has pulled off a V-shaped recovery following a brutal multi-week correction.<\/p>\n
Back in mid-March, Bitcoin established a local top near the $76,000 level before encountering massive resistance. This led to an unfortunate downtrend that bled the market throughout the remainder of the month, ultimately dragging the price down to a local bottom near the $65,000 support zone by late March.<\/p>\n
The bulls finally regained their footing in April. Currently trading at $75,533, Bitcoin has cleanly broken out of its month-long consolidation phase.<\/p>\n
With the $75,000 barrier broken and institutional buyers back in profit, analysts are already looking toward the next major psychological hurdle. Top on-chain analyst Willy Woo recently stated that the network’s underlying fundamentals are rapidly repairing, establishing $80,000 as the critical test level for the cryptocurrency’s next major leg up.<\/p>\n
The market is finally healing from the catastrophic derivatives deleveraging event that occurred late last year, explaining that spot buying remains incredibly stable while the derivatives sector is making a successful second attempt at rebounding.<\/p>\n","protected":false},"excerpt":{"rendered":"Bitcoin has shattered a major psychological barrier, surging past the $75,000 level for the first time since its…\n","protected":false},"author":2,"featured_media":584256,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[4,450,451,3,452,453],"class_list":["post-584255","post","type-post","status-publish","format-standard","has-post-thumbnail","category-breaking-news","tag-breaking-news","tag-breakingnews","tag-headlines","tag-news","tag-top-stories","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/584255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=584255"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/584255\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/584256"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=584255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=584255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=584255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}