Bitcoin’s price continues its rapid ascent, surpassing $72,000 and nearing its previous all-time high. According to CoinGecko, the cryptocurrency has surged 5.7% in the past 24 hours, reaching $72,556. It now sits just 1.5% below its March peak of $73,737.

Broader Market Impact

Bitcoin’s upward momentum has fueled growth across the cryptocurrency market, with major assets in the top 10 by market capitalization showing significant gains.

Key Market Insights

Veteran trader Peter Brandt commented that Bitcoin must firmly break above $76,000 to generate a much-anticipated market rally.

Over the past 24 hours, short positions worth more than $223 million were liquidated, reflecting the market’s bullish sentiment. The total cryptocurrency market capitalization now stands at $2.6 trillion, with Bitcoin’s dominance rising to 56.2%.

Potential Risks

Previously, analysts from Tyr Capital and Bitget Research cautioned about a potential Bitcoin price correction following the upcoming US elections.