The BTC price surged to local highs of $60,110 on Bitstamp on Friday, marking the first time it has surpassed the psychological $60K level in two weeks.
The climb higher now means that bulls have canceled out the flash crash from earlier this week and ensured that bitcoin closed the historically red month of March in the green.
BTCUSD has also logged the best quarterly close in its short history, raising prospects that the pair would keep soaring higher into the new quarter.
At the time of writing, bitcoin has shed some of its gains to trade at $59,338. However, the flagship cryptocurrency’s slow grind back to all-time highs will likely give traders plenty of reasons to be bullish in the short term.
BTCUSD Chart By TradingView
He predicted after buyers bought the dip last week, the king coin was currently on the verge of a strong breakout.
Top BTC Analyst Warns of “Overheated Retail Action”
Despite bitcoin prices closing Q1 almost 100% higher, one analyst suggests that the latest surge higher has resulted from “overheated retail action.”
According to OKEX researcher Robbie Liu, rising premiums for the quarterly contract BTCUSD0625 rose from about $3K last Friday to current levels of $5,200.
He explained that the premiums are nearing a dangerous range, as was the case when the digital coin pulled back after establishing a new all-time high above $61K.
“If the price does not break out to the upside in a short period of time, then traders attempting to chase the rally high with high leverage will have to close their positions, thus putting downward pressure on the price,” Lui added.
Ethereum Price Returns to ATH
ETH traded to a new weekly high above $2K on Friday after breaking the stubborn resistance near $1,920 and $1,950.
The largest altcoin by market cap is now trading higher than its previous all-time high of $2,040 established on Feb. 20. As of this article’s writing, ETHUSD is up over 5% to change hands for $2,048.
ETHUSD Chart By TradingView
As highlighted earlier on the Daily Chain, the ominous problem of surging transaction fees on Ethereum threatens to derail the ETH rally and undermine the blockchain’s dominance in the crypto space.