As of 8 a.m. ET, the price of bitcoin, or 1 BTC, was $62,661.23. The crypto’s highest intraday price in the past year was $73,750.07 on March 14, 2024. The chart above is pulling data as of 8 a.m. ET daily and doesn’t display intraday highs or lows.

Up nearly 8% over the week, BTC/USD now faces a crucial area of resistance, which has kept the market pinned for months. “Massive level coming up here at $63k after a very strong reaction off the demand in the $57k area,” HornHairs summarized.

Bitcoin’s all-time high was on March 14, 2024, trading at $73,750.07 per bitcoin. The lowest intraday price that the crypto traded in the past year was $25,781.12 on Sep. 13, 2023. The original crypto is up by 119% year over year.

Bitcoin price is currently hovering around the $58,000 mark, however, analysts indicate that BTC could risk another downfall to $55,000.

The Bitcoin price recently invalidated the rounding top pattern as the bulls took charge of the price around the $57,681 support, pushing the price back above the $60,000 level, data from GeckoTerminal shows. BTC price has formed a rounding bottom pattern, which the bulls aim to capitalize on to push the price toward a sustained bullish stance.

Bitcoin’s price climbed on Wednesday in anticipation of an interest rate cut by the Federal Reserve, while data showing an improvement in capital flows into spot exchange-traded funds also aided sentiment.

Bitcoin’s price rose on Wednesday in anticipation of an interest rate cut by the Federal Reserve, while data showing an improvement in capital flows into spot exchange-traded funds also aided sentiment.