BTC has been on a steady rise on four of the past five days and looks ready to retest the $60K resistance for the first time in weeks.
After settling above the $57,000 resistance level, the BTC price surged higher on Wednesday and broke above $58K and $58,500 to move further into a bullish zone.
A high is formed near $59,399, after which the flagship crypto pulled back slightly. The BTCUSD pair is up 0.5% to change hands for $59,107 during press time.
BTCUSD Chart By TradingView
The $58,500 level is likely to act as a decent support as bulls attempt to extend bitcoin’s rise into the green. A clear break above $59,500 could open the door for an acceleration above $60K in the coming sessions.
Mainstream Adoption Is Behind Bitcoin’s Grind Higher
Bitcoin and crypto enthusiasts seem to be ratcheting up bets on a fresh BTC uptick after the coin traded close to its recent lifetime high earlier today. BTC has been slowly but steadily rising this week amid a flurry of bullish news of growing mainstream adoption.
As reported by The Daily Chain, Visa approved the use of the USDC stablecoin to settle transactions on its network, causing BTC prices to jump over 3% on Monday.
That news was followed by an announcement that PayPal would roll out a crypto check-out service that allows ETH, BTC, and other top crypto assets to be converted into U.S. dollars or other fiat currencies during purchases.
According to Matt Blom, head of trading at crypto firm Equos, the theme of growing mainstream adoption of digital assets has helped keep bitcoin’s bullish trend going strong.
“It wasn’t with the fanfare and fireworks, but instead just a standard grind higher, helped in part by the continued positive adoption news flow,” Blom explained.
Meanwhile, bitcoin continues to outshine gold in the battle for safe-haven assets. Galaxy Digital’s CEO Mike Novogratz told CNBC’s Squawk Box that BTC adoption is happening much faster than predicted.
The billionaire added that the coin is on an inevitable path to meet or exceed the precious metal’s market cap, estimated at $10.7 trillion.
The ETH Price Rally Isn’t Over
Ethereum has extended its upward move in the past few days, similar to its bigger sibling BTC. The second-largest crypto by market cap broke the $1,800 resistance level to move further into a bullish zone. ETHUSD even spiked above $1,850 and formed a high near $1,863 before correcting lower.
The top altcoin is currently trading for $1,849. If the bulls successfully revisit the $1,850 zone, they could set the pace for a break above $1,900 in the coming sessions.
ETHUSD Chart By TradingView