Pressing Times
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Chart of the Day
Despite experiencing light volume and muted volatility, BTC managed to break through its narrow trading range to start a fresh rally over the weekend. This bullish momentum has flipped BTC's former resistance levels between $62-63k into steadfast support levels, and drove the price of BTC up above $65k, a mere breath away from its all-time high of $66k. Looking at on-chain metrics, the long-term holder cost basis has tripled since April, indicating the formation of a more sustained price floor near $18k. Moreover, even though BTC miners had an incentive reduction imposed upon them, they have seen a 550% surge in their revenue since the halving on May 11, 2020. These are bullish times for BTC indeed.