Bitcoin Close to a New All-Time High as Coinbase Goes Public

Summary:

Bitcoin price remains wel bid as it broke higher after an irregular triangle's formation. The market remains bid as Coinbase prepares to go public.

Over the weekend, Bitcoin price continued its rally as the market rose above the $60,000 level once again. Two days from now, Coinbase, one of the largest crypto exchanges, goes public in the United States. Therefore, the frenzy surrounding the cryptocurrency market will likely continue.

Indeed, the cryptocurrency market had a strong start to the year. Bitcoin price doubled from $30,000 to $60,000 in the first quarter, fueled by institutional adoption and growing popularity among retail traders.

As part of the process of becoming a publicly listed company, Coinbase made public its earnings for the first quarter of the year. Besides the financial statements, it revealed the number of active traders on the exchange, showing the popularity of cryptocurrencies among retail traders.

While Bitcoin rose above $60,000 again over the weekend, Ethereum made a new all-time high, as the bid behind cryptocurrencies remains strong. Moving forward, the chances are that the Bitcoin price will continue its rally, if we judge by the fact that the market broke higher after forming an irregular triangle.

Bitcoin Technical Analysis

The price of Bitcoin remains well bid while above the upper trendline of the triangular pattern. Bulls may want to stay on the long side with a stop at the previous higher low and a take profit level that exceeds 1:2 or 1:3 risk-reward ratio.