Bitcoin breaks through $ 62,000 mark

The price of bitcoin BTC $65,590.07 Bitcoin -0.34% Market capitalization $1.3 trillion VOL. 24 hours $0.6 billion has risen by 5% over the past 12 hours, reaching $ 62,000 for the first time in three weeks. After hitting a high of $ 62,600 during the Asian session on September 19, the price has pulled back slightly and is currently in the $ 62,000 range (according to CoinMarketCap — ed.). Analysts predict that the next level of resistance is between $ 63,500 and $ 64,000.

A cryptocurrency expert known as Will Clemente believes that reaching the $ 65,000 mark will confirm a breakout and further growth. Meanwhile, Willy Woo notes an increase in demand for BTC on the spot market, which could lead to a «short squeeze» and the formation of a «bullish structure.»

Trader Bluntz also said that the market is preparing for the last stage of growth before a new all-time high. Economist Alex Krueger emphasized that the dynamics of the Bitcoin price will largely depend on the results of the US presidential election.

In general, the global capitalization of the cryptocurrency market increased by $ 100 billion after the US Federal Reserve cut interest rates, reaching $ 2.24 trillion.