Today’s market opened pleasantly, as the token soars well above the $111,000 mark, the highest it has ever been. This initiates an industry-wide price rally. Even though this is uncharted water for the token, people are optimistic about the movement.
As soon as BTC started a bullish movement, other tokens followed suit. BTC’s price discovery mode has captured people’s attention, and the overall market has entered the green zone. This suggests that the market is rising and the liquidity is recording close to $500 million in liquidation.
Market In The Green
This green market movement is due to BTC breaking its ATH record for the first time in months. According to the technical indicators, the BTC rally will continue. However, historically speaking, BTC tends to crash right after hitting an ATH.
The last time BTC hit an ATH, it triggered massive flushing activity, which led to a subsequent price drop. Things became so uncertain that people assumed BTC might fall under the $65,000 mark. However, the token did show positive traction, and that changed everything.
It is too soon to assume the future of BTC and crypto as a whole. However, industry experts believe that the BTC surge is still in Phase 1. It is highly likely that the token will soon transition to Phase 2, which could trigger inflows of large-cap altcoins into the market.
