On talk of reduced supply, Bitcoin (BTC) nearly hit a new high Saturday, surging over $60,000 for the first time in almost a month.

The price of the cryptocurrency reached $60,588.47, short of its all-time high of $61,712 from mid-March. In recent weeks, its price has vacillated in the $50,000s. The new gain put Bitcoin up about 116% from its low of $27,734 on Jan. 4, 2021.

The surge comes about a month after President Joe Biden signed the $1.9 trillion stimulus bill.

Justin d’Anethan, sales manager at Diginex in Hong Kong, broke down the reasoning behind the sudden Bitcoin surge.

“That changed just yesterday when we pierced through 60K. With miners not selling recently minted coins, on-exchange reserves hitting multi-year lows, and an incessant stream of corporates, funds, large and small investors piling into BTC, we punched through,” he said, according to Reuters.

Reuters also noted that there are big U.S. banks "seeking to offer wealth management clients access to bitcoin funds."

As of Sunday at 1:56 p.m. ET, Bitcoin was priced at $59,759.69.

The price of a bitcoin surged fivefold in the past year, reaching a record high of over $61,000 in March
The price of a bitcoin surged fivefold in the past year, reaching a record high of over $61,000 in March AFP / KAREN BLEIER
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