Bitcoin's (CRYPTO:BTC) price is surging towards $60,000 as bullish sentiment grips the market, driven by renewed confidence among buyers.

Over the past 24 hours, the cryptocurrency market has rebounded, with its total capitalisation rising by 1.8% to approximately $2.25 trillion.

Recent trading patterns indicate strong support for Bitcoin around $58,200, pushing its price to an intraday high of $59,450.

The current focus is on breaking through resistance levels to reach the $60,000 milestone.

Market volatility has decreased significantly, leading to fewer liquidations of derivative positions, which now total about $103 million.

Bitcoin's dominance in these liquidations stands at 30%, predominantly affecting short sellers.