Can Bitcoin (BTC) Surge Past $60k This Week?

• Bitcoin (BTC) is attempting to break the crucial $55,000.
• Currently, BTC is trading at $52,190 with a market cap exceeding $1.02 trillion.

Today, Bitcoin’s (BTC) price is attempting a fresh surge above the $52,000 resistance mark, showing a 1.82% increase to trade at $52,295, with a market cap exceeding $1.02 trillion. This surge comes after Bitcoin rallied above $52,900 last week, marking its highest point in 26 months. Currently, BTC trading between $51,500 and $52,500 hints at possible additional upward momentum. The question is, will the bull run continue?

The largest cryptocurrency has seen a 12% increase over the past week, continuing its steady climb from $38,500 at the end of January. This rally coincides with substantial inflows into U.S. spot bitcoin exchange-traded funds (ETF), notably with BlackRock’s IBIT accumulating over 28,000 bitcoins last week.

Further, open interest in Bitcoin has soared to a new 3-year high of $23.72 billion as of February 19, indicating a bullish sentiment among investors. This figure represents a substantial increase of around $6 billion since the beginning of February, consistently surpassing expectations for three consecutive trading days.

Bitcoin (BTC) Next Target

The $52,000 area represents a significant resistance level on long-term charts that played a crucial role in the attainment of BTC’s all-time high prices in September and December of 2021.

Current trends suggest stiff resistance around the $53,700 mark; overcoming this level could propel Bitcoin toward a retest of the $54,200 territory. The bulls’ next target could be $56,150, with a decisive move above this resistance potentially propelling the price toward the $58,300 resistance level. Further, the potential for another leg-up towards $60,000 hinges on the resumption of trends in Bitcoin ETFs.

Conversely, if BTC fails to breach $53,000, it may witness a sharp downswing below $48,000, signaling potential bearish control over the markets. Moreover, this scenario appears unlikely given the significant support around the $45,500 territory.