The cryptocurrency market has witnessed a remarkable resurgence in the past 24 hours. The global market cap has surged by 1.8% to reach approximately $2.25 trillion. This surge is mainly driven by renewed investor confidence in Bitcoin, which is now looking to push its value towards the $60,000 milestone. At the time of publication, the price of BTC is trading at $57,967.76, up 1% in the past 24 hours.

Meanwhile, signals from large-cap altcoins remain mixed, with a few cryptocurrencies showing notable gains.

In this article, we will discuss:

Bitcoin Rally Towards $60K

Bitcoin bulls have recently made a significant comeback, pushing the cryptocurrency towards the $59,000 mark and paving the way for a possible $60,000 target. After breaking through the $58,200 resistance, Bitcoin reached an intraday high of $59,450. Despite a brief reversal in price over the past few hours, Bitcoin is on the verge of a retest of the aforementioned resistance. A positive response at this point could solidify the path to a $60,000 target.

Meanwhile, market volatility has significantly decreased, resulting in a reduction in derivatives liquidations, which total about $103 million, according to CoinGlass. About 30% of these liquidations are Bitcoin positions, with 63% of them from short sellers.

Cryptocurrency market today

The top 20 altcoins by market cap are mixed. Some have failed to capitalize on the recent upward momentum. For example, DOGE and MATIC are trading at 2% losses, and the same applies to NEAR, BCH, and UNI. On the other hand, Ethereum has held steady above $3,080 despite rising 0.5% on the day.