Bitcoin (COIN: $BTC), the leading cryptocurrency by market cap, reached a peak not seen in over two years, surpassing $57K on Tuesday, February 26, 2024. It marks a significant milestone for the digital asset, which has experienced a nearly 30% increase in value year-to-date. Trading activity in the broader cryptocurrency market recently has been a key driver of Bitcoin’s surge, with its price rising more than 10% in the last two days.
Bitcoin’s price in February started at just above $42,000, steadily gaining momentum until it breached the $50,000 milestone on February 12. It marked the first time since December 2021 that BTC went past the $50,000 level, hinting at a renewed bullish sentiment in the crypto market.
Katie Stockton Highlights Bullish Bitcoin Breakout
According to Katie Stockton, founder of Fairlead Strategies, a key technical breakout occurred on Sunday when Bitcoin broke through the $48,600 resistance level. Stockton highlighted this as an intermediate-term bullish development, suggesting a positive trend.
Joel Kruger, a market strategist at LMAX Group, stated, “Now that we’re that much closer to retesting Bitcoin’s record high, the market is that much more motivated to see the level retested and broken.”Â
Recent Developments Influencing Bitcoin Prices
Several current events and market dynamics have contributed to a notable increase in the price of bitcoin. One major supporter, Michael Saylor of MicroStrategy, continues acquiring large Bitcoin positions, recently purchasing an additional 3,000 coins, bringing their total holdings to over 193,000 BTC, reflecting growing institutional interest in Bitcoin.
The launch of several spot Bitcoin ETFs has influenced Bitcoin’s price. These new investment vehicles have seen substantial inflows, with over $5 billion entering the market since their January debut. Experts anticipate demand will surge following the ETF launch, signaling a shift towards regulated crypto products. Crypto investment products drew almost $600 million in fresh inflows last week. Offerings with BTC exposure accounted for over 85% of the total.Â
On top of this, Bitcoin’s next halving event, expected in April, has drawn investor attention for its potential price impacts. It occurs approximately every four years and cuts the block rewards miners receive by 50%. Historically, halving events have preceded significant rallies in the cryptocurrency market. Investors are closely monitoring the event, anticipating a reduction in new BTC supply and potential upward pressure on prices.
BTC Hits New 2024 HighÂ
Bitcoin is priced at $57,212.60, reflecting a 4.94% increase from the previous closing price of $54,519.36 at 5:19 pm on February 27. In the last 24 hours, Bitcoin has experienced a 7.07% surge with a 24-hour trading volume of $52.82 billion.
Occupying the leading position on CoinMarketCap, it commands a market cap of $1.122 trillion. The circulating supply amounts to 19.64 million coins. Over the session, the intraday trading range has spanned $54,489.83 to $57,416.43.
Bitcoin Shows Resilience and Room for Further Upside
Bitcoin’s upward trajectory has positively impacted the broader crypto market. Related equities, such as Coinbase, up 5.8%, and Marathon Digital, experienced a notable 5.7% surge. Similarly, major Bitcoin miner Riot Platforms saw a gain of 0.7%.
Bitcoin’s recent surge and positive market indicators underscore the resilience and potential for further growth. The market awaits the outcome of the Bitcoin halving event and ongoing institutional interest, factors that could shape Bitcoin’s trajectory.
Analysts at Standard Chartered Bank predict BTC will reach $100,000 by the end of 2024, with the ongoing ETF inflow increasing the likelihood of a supply shock pushing BTC above $60,000 in the near term. Investors remain vigilant as the crypto landscape evolves, navigating the opportunities and challenges in this ever-changing digital asset space.
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