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Bitcoin bulls stampede toward $60,000 after a key BTC resistance is broken

Bitcoin price takes aim at a new all-time high as traders push BTC back above $57,000 and institutions increase their exposure to cryptocurrency.
Within the last hour, Bitcoin (BTC) price surged to $57,100, a level not seen since Feb. 20 when BTC price made a new all-time high at $58,352. The bullish breakout signals that investor sentiment has shifted back in favor of bulls and it increases the likelihood that BTC will attempt a run at the $60,000 level.Data from Cointelegraph Markets and TradingView shows that Bitcoin bounced off a low of $52,998 in the early morning hours and proceeded to rally 6.5% above the $57,000 level. BTC/USDT 4-hour chart. Source: TradingViewToday’s upside move was preceded by news that Digital Currency Group intends to buy up to $250 million shares of the Grayscale Bitcoin Trust (GBTC). The purchase comes at an interesting time, considering that on March 8 GBTC shares traded at a 15% discount to Bitcoin’s spot price on major exchanges.While institutional investors may be able to take credit for the current move, overall interest in Bitcoin is also continuing to grow. Recent data shows that 10,000 Bitcoin ATMs have been installed in the U.S. since March 1, 2020, marking a 57.5% in the number of BTC-equipped ATMs over the past year. Bitcoin ignores the economic concerns weighing on stocksIn the past two weeks, equities markets have been weighed down by a downturn in technology stocks and concerns over the rising Treasury yield. Many analysts predicted that a strengthening dollar and rising Treasury yield would negatively impact Bitcoin price.According …
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