Bitcoin (BTC) cautiously climbed above $60,000-benchmark during the weekend session and continues to hold the level as interim support heading into Monday. The question remains: could the flagship cryptocurrency hit $65,000 in a week that would see Coinbase, one of the world’s leading cryptocurrency firms, going live on the Nasdaq Stock Market via a direct listing?
The Bitcoin Rally, Explained
After a staggering rise in 2021, which led to a new all-time high of $61,778 in March, Bitcoin entered a cool-off period with insignificant price fluctuations.
The past few weeks saw the cryptocurrency stabilizing under $60,000. It generally idled around the $59,000-mark as a rising US dollar sapped the appeal of safe-haven assets. Another reason for bitcoin’s cool-off phase was the recent altcoin season — a rising wave in the alternative cryptocurrency market, with Ether (ETH), Litecoin (LTC), Binance Coin (BNB), Ripple (XRP), etc all surging by triple-digit percentages.
But entering Monday, it appears Bitcoin could enter a new bullish phase while maintaining $60,000 as its price floor.
Several factors contributed to the rise of Bitcoin in recent days. One of the leading ones remains the entry of Morgan Stanley and Goldman Sachs, two of the leading investment banking giants, into the cryptocurrency sector. They decided to offer their wealth management clients the option to invest in bitcoin.
As has happened earlier this year, with Tesla investing $1.5 billion in Bitcoin, the cryptocurrency built its upside momentum due to its booming adoption on Wall Street.
Coinbase Listing on Nasdaq
Coinbase has made an entry into the Nasdaq Stock Market and its shares will officially go live for trading on Wednesday. This is a significant indicator for crypto, as it promises another bullish price rally for bitcoin. Given the volatility of bitcoin, and other cryptocurrencies, no prediction is written in stone. But the $65,000 mark is an important psychological milestone for investors, and it could well be getting closer now.
When Coinbase goes public on April 14 via direct listing, investors will be lining up to get a piece. This promises new highs for BTC and the crypto market in general.