Bitcoin is still looking upwards, having achieved fresh record highs overnight.
As per CoinDesk's Bitcoin Price Index (BPI), the world's largest cryptocurrency by market capitalization rose to an all-time high of $7,990 at 01:18 UTC. According to CoinMarketCap, the cryptocurrency has gained 4 percent in the last 24 hours. Week-on-week, the BTC value has gone up by 12 percent.
All in all, the cryptocurrency has staged a remarkable "V-shaped" recovery from the last week's lows near $5,500. But, traders may be wondering if gains can continue.
As noted yesterday, the investor community appears to be warming up to the idea of moving money out of equities and bonds and into bitcoin – sentiment arising from CME Group's upcoming bitcoin futures listing. Industry startups appear to be positioning as well, with Coinbase announcing yesterday a product launch for institutional clients.
Price action analysis appears to suggest the market is taking the news well. A potential rise well beyond the $8,000 mark is on the cards, although there is merit in being cautiously bullish.