Bitcoin has just passed $ 36,000 for the first time, despite protests in Washington DC over the election. The cryptocurrency fell rapidly to $ 34,000 earlier this hour amid the chaos, but is now trading above the $ 36,000 price.
BTC is up 5.5% in the past 24 hours, while Ethereum and other cryptocurrencies are up even higher.
BTC’s price action comes as the US dollar continues to fall. The Dollar Index has fallen 0.02% in the past 24 hours and is falling to multi-year lows.
Bitcoin is moving to new all-time highs
Chris Burniske, Partner at Placeholder Capital, says Bitcoin and the rest of the crypto market must pull out to move forward sustainably:
“1 / The euphoria is intoxicating, but #crypto needs a pullback and consolidation if $ BTC is to hit the $ 100K and $ ETH the mid to high thousands.”
He explained that Bitcoin needs to be charged for another wave higher as the market may now be clearly overbought.
He expects to expect a “dissipation” of the current bull trend in the near future to cool the upward trend.
— Chris Burniske (@cburniske) January 6, 2021
Related reading: 3 Bitcoin On-Chain Trends Show A Macro Bull Market Is Growing
Featured Image from Unsplash Chart from TradingView.com Price Tags: xbtusd, btcusd, btcusdt Bitcoin Surpasses $36,000 to Set New All-Time High