- Bitcoin surpasses its all time high yesterday, then breached it again today
- Coinbase’s listing on the Nasdaq today could have something to do with the price rise
- Many alts kept pace with or even bettered Bitcoin
Bitcoin hit an all time high yesterday, the day before Coinbase lists on the Nasdaq, and has continued its assault on new highs today. Having consolidated around the $60,000 mark for a month, Bitcoin exploded over its all time high yesterday to hit $63,700, before pushing on again in the early hours of this morning. The narrative of the Coinbase listing has been a strong factor in moving the markets upward in recent weeks, and with it listing today many are worried that Bitcoin could reverse its recent move.
Coinbase Listing Causing the Pump?
The date for Coinbase’s listing on the Nasdaq has been known since April 2, although the fact that Bitcoin fell to $55,500 before its current run suggests that we can’t attribute it entirely to the Coinbase narrative. The fact is that the fundamentals of Bitcoin are as strong as they ever were and we are in the middle of a bull market, which is probably exactly why Coinbase chose to file when it did.
In a technical sense Bitcoin had been looking more and more likely to break out following its consolidation under $60,000, with many feeling that it was only a matter of time. Yesterday the time finally came, with short sellers punished once more as it finally crossed its all time high:
Bitcoin Dominance Still Dropping
Interestingly, alts kept pace with Bitcoin, with some such as XRP and DOGE even outpacing it – in fact, 45 of the coins listed on Binance performed better than Bitcoin in the past 24 hours. This has resulted in the Bitcoin dominance continuing to decline, despite Bitcoin’s move:
We can clearly see that the Bitcoin dominance level is approaching a key support level where we expect it to bounce following now four and a half months of downtrend. Interestingly, Bitcoin’s push to new highs coincided with the Pi Cycle Top indicator crossing, which has historically been an indicator of the Bitcoin market topping out for its cycle. The last time it crossed was on December 16, 2017, and there were suggestions that another cross, combined with the Coinbase listing narrative, could bring about the end of the current cycle.
Of course no one knows for sure, but we are far from the kind of hysteria we saw at the end of the 2017 bull run, so the indicators are that we should still be food for a little while yet at least.