Bitcoin has broken through the $64,000 mark: can the cryptocurrency remain at a new level?

Bitcoin surpassed the $64,000 mark on Monday night, May 6, despite increasing pressure and skepticism from analysts regarding the cryptocurrency’s ability to hold at the new level.

Last week, profit-taking led to a drop in BTC below $57,000, and the digital currency’s exchange balance increased to 1.946 million BTC in just a few days.

American institutional investors began selling in early May, but the situation stabilized over the weekend, and bulls managed to push BTC above $60,000.

Altcoins, such as Ether (ETH), Binance Coin (BNB), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA), also recovered positions lost in April-May.

According to Bloomberg analysts, Bitcoin reached a bottom on May 1 at $56,527, falling to a two-month low. On Wednesday, net outflows from U.S. ETF funds exceeded $564 million, the largest capital outflow since the launch of ETFs in January.

The main pressure was caused by the Federal Reserve’s decision to maintain a high interest rate. Yuwei Yang, Vice President of BIT Mining Ltd, doubts BTC’s ability to quickly return to $74,000, as the digital currency is under strong pressure from macroeconomic factors, and the lack of signals for a return of investments to stock markets weakens the attractiveness of the cryptosphere.