Bitcoin Surges To Record $60,000 After Weeks Of Correction

Bitcoin has surged to $60,000 for the first time in history early Saturday morning.

What Happened: The leading cryptocurrency crossed the $59,000 levels and quickly surged to $60,000. It is trading at $60,170 at press time, according to a data platform Trading View.

BTC has had weeks of what experts called “a healthy correction” for the market.

An expert trader Peter Brandt called this dip "getting rid of the late FOMO buyers" period.

This is what a 20% correction looked like. That may be enough to make the market healthy again. This is called getting rid of the late FOMO buyers. pic.twitter.com/fiOgEniWo3

— Peter Brandt (@PeterLBrandt) February 22, 2021

The cryptocurrency previously peaked at $57,432 on Feb. 21 and had a downtrend after.

Why It Matters: Bitcoin price reversed on March 5, signaling the potential future upward movement.

An on-chain analyst Willi Woo noted on March 11 that the major consolidation for this year was nearly complete.

The second major consolidation of the 2021 bull market is nearly complete.

Data: @glassnode

— Willy Woo (@woonomic) March 11, 2021

Co-founders of a crypto data analytics platform, Glassnode shared that major tactical indicators for Bitcoin price were pointing to a "very healthy territory."

Spring is unloading, with fundamentals looking great.

Tactical indicators such as Funding rate, SOPR and ASOL are all in very healthy territory, all giving #Bitcoin lots of energy for this next leg up. pic.twitter.com/l2qlYIGTOQ

— Jan & Yann (@Negentropic_) March 13, 2021