• Bitcoin prices surpassed $54,000 on Monday, breaking a major resistance level that had been limiting the price since mid-February.
  • SOL, MATIC and ATOM led altcoins gains while crypto-focused stocks Coinbase MicroStrategy Marathon Holdings, Riot Platforms, and MicroStrategy all posted double-digit gains.
  • Swissblock stated that Bitcoin’s short-term next target is $57,000 to $58,000.

BTC Price Index and Live Chart – CoinDesk”>(BTC) topped $54,000 on Monday surging to its highest price since November 2021, leaving past its recent sideways range as the crypto rally suddenly resumed.

CoinDesk data shows that the largest crypto, by market capital, broke through its major support level of $53,000 in mid-morning U.S. trade hours. It then ran close to $55,000 before retracing slightly. BTC traded at $54,400 as of press time. This is an increase of nearly 5% in the last 24 hours. It was able to outperform the CoinDesk20 Index, which grew by 4% and reached the 2,000 mark for the first.

ETH Price Index and Live Chart – CoinDesk”>(ETH), the second-largest crypto asset, also rose nearly 4%, hitting a fresh 22-month high of $3,200, .

Read more: Ether’s Bitcoin Beating Rally not Just Because Potential ETF Approval is Bernstein

SOL Price Index and Live Chart – CoinDesk”>(SOL), Polygon’s MATIC and Cosmos’ ATOM led gains among major cryptocurrencies in the CD20 index, with 5%-7% advances.

Stocks that are focused on digital assets also benefited from the crypto rally. The shares of the crypto exchange Coinbase, led by Michael Saylor (COIN), and MicroStrategy, headed by Michael Saylor (MSTR), both rose 17% on the day. Marathon Digital (MARA), a large-cap bitcoin miner, and Riot Platforms(RIOT), a large-cap mining company, both posted gains of 22% and 15 %.

Bitcoins to target $58,000

While some market analysts predicted that bitcoin would correct to $48,000 when it stalled, Monday’s rebound was a decisive break through of one of last historically significant resistance levels before records highs.

In a Telegram update on Monday, crypto analytics firm Swissblock stated that “BTC appears to have finally broken out of the range in which it has been since February 15.” The momentum is strong. “All sails are set.”

Swissblock analysts said that bitcoin’s next price target range is $57,000 to $58,000, with new record highs expected after that.

This move coincided with an increase in the price of bitcoin on Coinbase, compared to other exchanges. This suggests that demand is coming from U.S.-based investors.

TradingView data show that ETF trading volumes do not always translate to inflows for the funds. NYDIG reported that ETF trading volume does not always translate into inflows to the funds.

UPDATE (Feb. 26, 20:41 UTC): Updates prices. Adds altcoins’ performance, crypto stocks and bitcoin ETF trading volumes.

Stephen Alpher edited the book.