Bitcoin Blasts Past $53K as Crypto Rally Resumes

Bitcoin (BTC) surged past $53,000 on Monday to its highest price since November 2021, leaving past its recent sideways range as the crypto rally suddenly resumed.

The largest crypto by market cap broke out from its trading channel, hitting $53,600 during mid-morning U.S. trading hours, CoinDesk data shows. At press time, BTC was changing hands at $53,100, up 3.8% over the past 24 hours. The broad-market CoinDesk20 Index (CD20) advanced 2.3%, topping the 2,000 level for the first time.

Ether (ETH), the second-largest crypto asset, also rose nearly 4% hitting $3,150, a fresh 22-month high.

“BTC now seems to finally break out from the range it has been in since Feb. 15,” crypto analytics firm Swissblock said in a Telegram market update Monday. “The momentum is moving up strongly. All sails are set.”

Swissblock analysts added that the next level for bitcoin’s price target is the $57,000-$58,000 range, with new all-time highs in sight after that.