Bitcoin BTC Price Smashes $65k: All Time High is Within Reaching Distance

The price of bitcoin has powered past the $65,000 level, coming tantalizingly close to its all-time high over $69,000. Early Monday morning BTC soared 6% higher, fueled by immense trading volumes over $27 billion in the last day. Bullish sentiment has returned to the crypto markets ahead of bitcoin’s anticipated halving event this April.

TLDR

Bitcoin price surpasses $65,000, coming within 6% of its all-time high around $69,000
BTC has already hit new all-time highs in some global currencies like Euro, Yuan, Yen, and Pound Sterling
Bitcoin sees over $27 billion in trading volume in last 24 hours, signifying high interest
Open interest in BTC derivatives and options contracts continues climbing ahead of anticipated halving event
Exchanges and apps running low on Bitcoin supply, sparking concerns of a supply crunch that could push prices higher

According to CoinGecko, bitcoin’s price has jumped 27% in just the last week. And at its current trajectory, it may soon eclipse its USD-denominated peak from November 2021. However, since that time the dollar has strengthened against other major currencies. When priced in euros for example, bitcoin has already exceeded its former all-time high – 1 BTC currently trades for €59,901.

New pinnacle prices have been notched versus China’s yuan, Japan’s yen, the British pound sterling and Indian rupee as well. So while bitcoin sits roughly 6% below its USD record, traders globally are witnessing new historic levels. The divergence comes down to how forex markets have shifted over the past 16 months.

Beyond currency effects, a confluence of factors has aligned to push bitcoin upwards. As the scheduled halving day draws closer, past patterns indicate the supply squeeze helps propel capital inflows. Open interest in derivatives contracts continues ratcheting higher too, with nearly $31 billion open positions yet to be settled.

Data shows a supply crunch may also soon grip spot exchanges. Leading analytics provider Glassnode highlights exchange balances have dropped to record lows, pointing to potential shortages ahead. At the same time popular buying app Cash App reportedly has no coins left to sell, exhausting its supply amidst surging demand.

Between leveraged bets and speculation around the halving timeline, the runway appears clear for bitcoin to again make history. $775 million worth of open options contracts are betting the bellwether cryptocurrency will reach $70,000 before March comes to an end.

Yet some word of caution is warranted. Though expectations have turned overwhelmingly bullish, the path upward may face turbulence. Bitcoin has formed solid support around the $60,000 zone, but increased volatility should be expected upon approaching its $69,000 high.

Dwindling supply and accelerating adoption campaigns from major financial players signify its entrenchment in the mainstream continues.

Soon crossing $69K will become inevitable.