Bitcoin Nears $73,000 Milestone

The leading cryptocurrency has continued its rapid ascent, effortlessly surpassing the $72,000 mark. Over the past 24 hours, the asset has risen by 5.7%, according to CoinGecko.

At the time of writing, Bitcoin is trading at $72,556.

The digital gold is just 1.5% shy of its all-time high of $73,737 reached on March 14.

As is customary, the flagship’s rise has positively impacted other crypto assets. Here is the current top ten most capitalized coins:

Renowned trader Peter Brandt believes that for a “true breakout,” Bitcoin should consolidate above the $76,000 level.

B I T C O I N $BTC
When is a breakout really a breakout?
Bitcoin bulls should be excited — but there are rules to determine breakouts
Diagonal patterns with slanted boundary lines are difficult to trade because the nicking of a boundary line — while exciting to bulls — does NOT… pic.twitter.com/86cQtCzdav

— Peter Brandt (@PeterLBrandt) October 29, 2024

In the past day, short positions worth $223 million have been liquidated.

The total cryptocurrency market capitalization stands at ~$2.6 trillion; Bitcoin’s dominance index is 56.2%.

Earlier, analysts from Tyr Capital and Bitget Research warned of a potential correction in the price of digital gold following the US elections.