Bankless: Can Bitcoin Break Its All-Time High?
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Bankless: Can Bitcoin Break Its All-Time High?
Cryptocurrencies surged overnight after a weekend lull, but the gains stalled when U.S. markets opened.
Navigating Web3 tides with focused insightsAuthor: Jack Inabinet, Bankless
Translation: Kate, Mars Finance
Can BTC break through its all-time high?
Decision time? After a stagnant weekend, crypto assets surged steadily overnight as global market participants returned to their desks. But shortly after U.S. markets opened, the rally stalled! Why is price hitting resistance?
Last month’s confirmation that pending spot Ethereum ETF applications would be approved by the U.S. Securities and Exchange Commission (SEC) fueled a rise in crypto prices, bringing many tokens remarkably close to new cycle highs.
The unexpected shift in approval odds triggered a frenzy among underexposed traders rushing to mimic ETH exposure, pushing the token above $4,000 to a new cycle high; Bitcoin was driven within 2% of its all-time high, briefly touching $72,000.
Source: TradingView
Although Ethereum reached a higher local peak last Monday, Bitcoin suffered sharp declines before reaching its recent high—a potentially worrying sign for bulls indicating sellers still retain some degree of control. With Bitcoin now falling for a third time from a lower local peak after attempting to break higher, the crypto market appears to be at a critical make-or-break moment…
Sustained upward momentum would swiftly push Bitcoin to a new all-time high, undoubtedly providing major tailwinds for broader crypto asset valuations. However, a collapse from here could pull tokens back down toward the lower end of the $60,000 range—the level that has supported prices over the past three months—followed by further downside.
By the way, spot trading volumes for both BTC and ETH dropped significantly last week, signaling disinterest at current price levels and suggesting a trend reversal may be imminent.
Source: The Block
While the crypto market remained relatively calm following confirmation of spot ETH ETF approvals, certain TradFi assets experienced volatile price movements this morning.
After two weeks of silence on social media, GameStop bull Keith Gill, known online as "Roaring Kitty," reemerged over the weekend, revealing he holds 5 million shares of GME stock—identifying himself as the "whale" who built a massive bullish position in the stock last week—and posted a green Uno reverse card on Twitter.
Fueled by renewed meme-driven excitement, GME's share price more than doubled, briefly spiking to $45 during pre-market trading this morning, though most gains have since reversed, dropping to lows of $28 during regular trading.
The New York Stock Exchange also suffered a major technical failure this morning, halting trading on 50 listed securities due to what appeared to be a software update affecting volatility control mechanisms known as price band safeguards.
The most dramatically affected asset was Berkshire Hathaway Class A shares—the stock of Warren Buffett’s company—which plunged 99% at the opening before being suspended from trading.
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