In the face of a new surge, the Bitcoin price is back on its track to approaching an all-time new high again. The cryptocurrency had suffered notable price corrections last month falling from its record high near $58,000 to $43,000 zone in just a few sessions, even though such a pullback might be healthier in the longer term. The leading cryptocurrency has bounced back since then, with an improved technical landscape that could take the digital asset to new record highs. Bitcoin Price Marching Again Towards All-Time Highs Bitcoin is marching towards new record highs in the face of a rallying U.S. dollar in recent days. Just last week, the U.S. Dollar Index rose by over 1.21% in response to the rising U.S. Treasury yields and losses in the stock market. Despite the U.S. dollar charting its biggest weekly gain since October, BTC has jumped over 12% in the same period. The leading cryptocurrency was last seen trading above $54,000 representing an 8% gain over 24 hours. Besides, its market capitalization has now returned back above $1 trillion. Bitcoin rose strongly yesterday in a rally that has left the cryptocurrency within touching distance of an all-time high hit last month. The digital currency was trading up 3.3% over $54,000, climbing toward a record high of $58,354.14 seen on February 21. And if the current momentum continues, the leading cryptocurrency which is now just a mere 8% from the previous AHT, will soon be rallying to steeper new heights. BTC Prices Soon to Rally Above $60,000 Analysts are speculating that the price of the leading cryptocurrency is likely going to hit an all-time high of $60,000 this week, as the U.S. House of Representatives has passed the $1.9 trillion stimulus bill. Other factors that could push the leading cryptocurrency to a new rally include the growing interest from institutional investors. For instance, just this week, PayPal confirmed its acquisition of Curv, a cryptocurrency security firm. Over the past few weeks, Bitcoin has witnessed positive price performance that would pave the way for new record highs. Besides this, the futures premium has dropped, with increased futures open interest and futures trading volumes; the year 2021 looks really promising for the digital gold.
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