Bitcoin Reaches New High of $27,000
Bitcoin continued its upward momentum from the previous week, surpassing the $27,000 mark for the first time since August. In a similar fashion, other cryptocurrencies like Solana, Litecoin, and Bitcoin Cash also experienced significant gains.
The largest digital token had closed positive on Sunday for the first five weeks, rising as much as 3.7% to $27,418 on Monday. Solana was up around 6%, Litecoin was up 6.5% and Bitcoin Cash was up 8%.
With prices rising, the Federal Reserve is expected to hold interest rates steady when policymakers meet this week. Higher prices make risky assets like cryptocurrencies less attractive.
“After a long struggle with psychological support at $25,000, Bitcoin managed to hold steady. Range traders are now looking to take profits just above $30,000,” said Mati Greenspan, CEO of Quantum Economics.
Some analysts are questioning the duration of this latest rally, and as previously reported, the level investors are looking at for Bitcoin is $28,800.
“I don’t see a clear catalyst for the rise,” said Dessislava Ianeva, a senior research analyst at Kaiko. “In the current low liquidity environment, relatively low buying/selling pressure can strengthen spot price movements and stimulate liquidations in the derivatives market.”
