February 28, 2024

Bitcoin Soars Past $57,000, Inches Closer to All-Time High

Bitcoin surges to $57,000, marking a significant milestone in its 2024 journey and bringing it within striking distance of its record peak.

Bitcoin (BTC), the leading cryptocurrency, recently achieved a notable milestone, reaching a price of $57,000 – a level not witnessed since November 2021. This ascent brings it tantalizingly close, within a mere 20%, of its previous all-time high of $69,000 in 2021.

As anticipated, bitcoin encountered resistance early in the year, particularly around the $46,000 mark, prompting a modest correction in the crypto market. Following a brief dip below $40,000, it found robust support just above $42,000 this month, setting the stage for continued bullish momentum.

Breaking through the $46,000 weekly resistance earlier this month, bitcoin swiftly surpassed the $50,000 threshold for the first time in two years, igniting optimism across the cryptocurrency sphere.

On Monday, bitcoin breached the $52,800 mark, accelerating its ascent beyond $57,000. While it's often argued that price movements are detached from news or fundamentals, the potential impact of a bitcoin supply shock is increasingly pertinent, especially with the burgeoning success of bitcoin ETFs.

Total crypto market dollar value (weekly chart)

Ether (ETH) has also experienced a remarkable surge over the past month, reaching highs of up to $3,280, spurring big gains in several altcoins.

The rapid surge in the crypto market led to a high number of traders being liquidated in recent days, with over $560 million in liquidations recorded in the past 48 hours, predominantly among short sellers.

Bitcoin's rally coincided with the outstanding performance of spot bitcoin ETFs, with BlackRock's iShares Bitcoin Trust (IBIT) leading the pack. IBIT traded over $1 billion for two consecutive days, indicating robust investor interest, as noted by Bloomberg ETF analyst Eric Balchunas.

This sustained surge in trading volume for bitcoin ETFs underscores a broader trend of institutional adoption of cryptocurrencies, signaling a significant shift in the cryptocurrency landscape.

BTC/USD

While bitcoin continues to set new all-time highs in various currencies, caution is warranted as the market exhibits signs of euphoria. However, with bitcoin's price spike bringing it within 20% of its ATH in dollar terms – a crucial benchmark for traders – it's increasingly likely that new record highs will materialize sooner rather than later.

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