Bitcoin Exceeds $63,000 First Time

Wed Feb 28 2024
Rachel Long (653 articles)
Bitcoin Exceeds $63,000 First Time

Bitcoin is quickly passing each new $1,000 in value, and spot bitcoin ETFs are seeing enormous influxes of capital.

Wednesday saw the first time the price of the original cryptocurrency (BTC) above $63,000, marking the first time it has done so since the high of the last bull market in November 2021.

Coinciding with this week’s massive surge, U.S.-traded spot ETFs have seen massive inflows of capital, with new funds adding over 12,000 bitcoin on Tuesday, following an addition of over 10,000 on Monday. Plus, it’s happening in April, just before the so-called “bitcoin halving”—an event that happens every four years and is typically accompanied with substantial gains as the creation of new bitcoin slows down.

Even while Bitcoin’s ascent has been going strong for months, it really took off this week. Only a short time ago, its price was lower than $51,000. It surpassed $63,000 shortly after crossing $60,000 a few hours earlier.

As of this writing, bitcoin’s 24-hour gain had surpassed 10%. There was a 7.8% increase in the wider CoinDesk 20 Index, which is a measure of the top cryptocurrencies.

Bulls in Bitcoin are reportedly aiming for the cryptocurrency’s all-time high of $69,045 reached on November 10, 2021, as reported by Coingecko.

The positive acceleration that occurred in the previous three days, when the price of the coin increased by about 15%, is still visible as Bitcoin maintains its upward trend and extends rally into fifth consecutive day.

The new US spot bitcoin ETF’s approval to trade has caused demand to surge, and large long positions from major players have been the primary factor propelling Bitcoin’s price in the past few days.

Bitcoin is expected to experience its largest monthly gain (about 40%) since October 2021 as bulls maintain their solid grip and approach the critical 60,000 mark.

Coin’s all-time highs at 68421 and 68911 (recorded in April and November 2021, respectively) and a sustained break of the 60,000 pivot point will bolster the fresh positive signal that was generated by Tuesday’s finish above the Fibo barrier at 56291 (76.4% retracement of 68911/15437 downtrend).

Demand is still high, so far, so good for the bulls. However, after such a big advance in the past few days, it is reasonable to expect some profit-taking in the near future.

Rachel Long

Rachel Long

Rachel Long is our Desk Correspondent covering Stock Markets across the globe. She is based in New York