Bitcoin bulls bought the dip and produced enough momentum to send BTC price to a new all-time high above $36,500.
At press time, Bitcoin was trading at $36,367.
Bitcoin’s latest breakout defies warnings that the market could be facing overbought resistance in the near future. An overheated futures market and large liquidations from some of Asia’s largest holders raised the possibility of a short-term pullback.
So far, Bitcoin’s digital gold narrative appears to have squashed any semblance of a major pullback as institutions and retail traders buy the dips. As Cointelegraph recently reported, Bitcoin is experiencing a supply shortage as major buyers like Grayscale and PayPal continue to scoop up all of the newly mined BTC.
Bitcoin continues to exert a strong gravitational pull on the broader market, with major altcoins also printing new local highs. Ethereum (ETH) briefly surpassed $1,200 on Wednesday. Litecoin (LTC), XRP, Bitcoin Cash (BCH) and others also saw significant gains.