Bitcoin Touches $64K, Nearing All-Time Highs as Halving Approaches
Crypto News

Bitcoin Touches $64K, Nearing All-Time Highs as Halving Approaches

1m
Created 2mo ago, last updated 2mo ago

Bitcoin (BTC) price surged over 10% to a new yearly high of $64,000 on February 28.

Bitcoin Touches $64K, Nearing All-Time Highs as Halving Approaches
Bitcoin (BTC) price surged over 10% to a new yearly high of $64,000 on February 28. This impressive rally, which pushed the price up by 50% this month, is largely attributed to investor anticipation surrounding the upcoming supply halving event, historically followed by price increases.

Furthermore, the steady influx of capital into newly launched spot Bitcoin exchange-traded funds (ETFs) is believed to be fueling this upward trend. However, some technical analysts caution against excessive optimism. They warn that the current market structure and high funding rates across the board indicate extensive leverage use, potentially leading to a correction triggered by forced liquidations.

Shortly after reaching $64,000, a sudden price drop saw Bitcoin plummeting to $58,700. This is likely attributed to a combination of selling pressure at the $64,000 level and the liquidation of leveraged long positions. However, Bitcoin has managed to recover nearly 5% of the lost ground at the time of writing.

With Bitcoin currently sitting less than 13% below its all-time high, both retail and institutional investors hold onto the expectation that the record of $68,900 will be surpassed before the supply halving event in approximately 52 days. However, the potential for a correction due to excessive leverage and the uncertain market dynamics necessitate cautious optimism in the near future.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
3 people liked this article