Bitcoin has reclaimed the $60,000 threshold for the first time since November 21, 2021, signaling a resurgence in bullish sentiment within the cryptocurrency market.
As per data from CoinMarketCap, Bitcoin (BTC) is presently trading at $60,250, briefly spiking to approximately $60,500. The cryptocurrency has surged by approximately 6% within a single day and has experienced a remarkable 18% surge over the course of the week.
In tandem with Bitcoin’s upward trajectory, the asset dominance indicator has ascended to 54.4%, with liquidation volumes on futures contracts surpassing $342 million within 24 hours. Notably, short positions incurred losses amounting to $210 million, while long positions witnessed liquidations totaling $133 million.
Bitcoin’s price rally has been characterized by a steady ascent since September 2023, experiencing a temporary stall in December before regaining momentum this month. Driving this rapid appreciation are the impending halving expected in the spring of 2024 and a substantial influx of capital into spot Bitcoin ETFs.
Analysts at Glassnode have identified a speculative fervor gripping the Bitcoin market amid the bullish trend. This frenzy is evidenced by fresh capital inflows, heightened exchange activity, increased leverage in crypto derivatives, and rising institutional demand.
QCP Capital analysts have also highlighted that Bitcoin reaching the $60,000 milestone aligns with expectations for the March expiry, marking it as a natural target within the current market dynamics.
The resurgence in Bitcoin’s price underscores the resilience and growing maturity of the cryptocurrency market, as investors and institutions continue to display renewed confidence in its long-term potential despite periodic volatility.
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