Bitcoin at a New Historical Peak of $80,000

This Sunday looks green in the market, Bitcoin, the world's leading cryptocurrency, has crossed a new symbolic milestone on Coinbase

Bitcoin price hit a new all-time high on Sunday, continuing its relentless rally and briefly crossing the $80,000 threshold on major exchange Coinbase.

This latest milestone comes as part of a significant bullish trend that began following the re-election of Donald Trump as US President.

After initially surging past the $80,000 mark, Bitcoin’s price later stabilized around the $79,141 level on Sunday evening.

Despite the new peaks, the gap between the current price and the 200-day moving average has narrowed, indicating a cooling-off period, according to Glassnode lead analyst James Check.

Several industry experts have highlighted a key difference in the nature of this rally compared to previous ones.

"This time, the rise is not being driven by leveraged positions, but by real spot demand," noted trader Cantonese Cat.

This observation suggests a stronger foundation for the current valuation of Bitcoin.

"The rising prices are boosting investors' belief in the success of the Bitcoin project, creating a positive feedback loop. This dynamic suggests a likely continuation of the bullish trend," said Bitwise Invest CEO Hunter Horsley.

Bitcoin's continuous progression through thresholds of $73,679, $76,000, and now $80,000 marks an exceptional momentum.

This series of records showcases the strength of the current bullish cycle, which appears to be driven by solid fundamentals rather than pure speculation.

As Bitcoin continues to navigate uncharted territories, analysts agree that we may be witnessing the early stages of a new major bullish cycle. However, caution is still advised as price movements are expected to remain highly volatile in the coming days.

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