price Bitcoin It surged more than 10% to a new 2024 high of $64,000 on February 28, causing traders to begin speculating about an upcoming halving event. This is generally followed by a strong uptrend in the price.
The continued inflows into the recently launched Bitcoin ETFs are also believed to be playing a key role in Bitcoin’s price movement.
Some technical analysts warn that Bitcoin’s market structure and high funding rates across the market are signs of heavy leverage. and will eventually lead to a correction.
Independent market analyst Nunya Bizniz also added a bullish view on Bitcoin prices. It noted that Bitcoin’s RSI index was above 70 and highlighted the fact that in previous market cycles, BTC prices remained in an uptrend for at least 335 days after the RSI reached 70.
Shortly after hitting $64,000, Bitcoin price dropped to $58,700, likely due to the sell-off. and the late clearing of long leverage. However, at the time of publishing, BTC had recovered nearly 10%, returning to $62,000.
Bitcoin is now just a short distance away from all-time highs. And many retail and institutional investors expect the $68,900 level to surpass the all-time high ahead of the halving, which is scheduled to occur in approximately 52 days.
refer : cointelegraph.com
picture dailyhodl.com
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