Bitcoin just passed $36,000 for the first time ever in spite of protests in Washington D.C. over the election. The cryptocurrency rapidly dropped as low as $34,000 earlier this hour amid the chaos, though now trades above the $36,000 price point.
BTC is up 5.5% in the past 24 hours while Ethereum and other cryptocurrencies have moved even higher.
BTC’s price action comes as the U.S. dollar has continued to slip lower. The Dollar Index is down 0.02% in the past 24 hours, falling to multi-year lows.
Related Reading: Wall Street Veteran Kickstarts Own BTC Fund With $25m Investment
Bitcoin Moves to New All-Time Highs
Chris Burniske, partner at Placeholder Capital, says that Bitcoin and the rest of the crypto market needs to pull back to sustainably rally moving forward:
“1/ The euphoria is intoxicating, but #crypto is in need of a pullback and consolidation if $BTC wants to reach into the $100Ks and $ETH into the mid-to-high thousands.”
He explained that Bitcoin needs to recharge for another wave higher, as the market may be clearly overbought right now.
He expects to expect a “dissipation” of the current bull trend in the near future to cool the upward trend.
1/ The euphoria is intoxicating, but #crypto is in need of a pullback and consolidation if $BTC wants to reach into the $100Ks and $ETH into the mid-to-high thousands.
— Chris Burniske (@cburniske) January 6, 2021
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash Chart from TradingView.com Price Tags: xbtusd, btcusd, btcusdt Bitcoin Surpasses $36,000 to Set New All-Time High
