2024

Bitcoin

when

<p>After nearly two weeks of hiatus, the world’s largest cryptocurrency Bitcoin (BTC) smashed past $57,000 earlier today in a massive breakout. As of press time, the Bitcoin price is up 9.62% trading at $56,486 with its market cap crossing $1.1 trillion for the first time since 2021.</p> 
<h3 id="btc-decouples-from-sp-500">BTC Decouples from S&amp;P 500</h3> 
<p>The massive surge in the Bitcoin price comes on the day when the S&amp;P 500 was trading in negative territory. On Monday, February 26, the S&amp;P 500 ended 0.5% in the negative while Bitcoin recorded an upward trajectory with a staggering 10% gain.</p> 
<p>This clearly shows that BTC and the broader crypto markets are shedding their reliance on equities. Throughout history, a lack of significant correlation between cryptocurrency markets and stock markets has paved the way for the most substantial bull runs for Bitcoin (BTC) and altcoins.</p> 
<p>Bitcoin has <a rel="nofollow" href="https://www.bnnbloomberg.ca/bitcoin-tops-55-000-price-level-for-first-time-since-late-2021-1.2039575" target="_blank">demonstrated</a> superior performance compared to traditional assets such as stocks and gold in the current year. The ratio comparing Bitcoin’s price to that of the precious metal has reached its highest level in over two years. Since the beginning of the year, Bitcoin’s price has surged by 33%, continuing a sustained upward trend that has also fueled interest in altcoins like <a href="https://coingape.com/ethereum-eth-price-dodges-broader-market-selling-pressure-as-whales-accumulate/" target="_blank" rel="noopener">Ether</a> and BNB.</p> 
<h3 id="bitcoin-etfs-set-new-records">Bitcoin ETFs Set New Records</h3> 
<p>Since January 11, a total of $5.6 billion has flowed into several significant Bitcoin ETFs launched in the US, indicating an expanding interest in the token beyond dedicated digital asset enthusiasts. The forthcoming reduction in BTC’s supply growth, known as the <a href="https://coingape.com/jpmorgan-predicts-bitcoin-halving-already-priced-in-is-a-major-correction-ahead/" target="_blank" rel="noopener">Bitcoin halving</a>, further contributes to the positive sentiment surrounding the cryptocurrency.</p> 
<p>On Monday, the nine BTC ETFs combined recorded an all-time new high of $2.4 billion in trading volumes. Of these <a href="https://coingape.com/blackrocks-ibit-hits-1b-daily-trading-milestone-on-bitcoin-rally/" target="_blank" rel="noopener">BlackRock’s IBIT</a> alone recorded over $1 billion in trading volumes.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">It's official..the New Nine Bitcoin ETFs have broken all time volume record today with $2.4b, just barely beating Day One but about double their recent daily average. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a> went wild accounting for $1.3b of it, breaking its record by about 30%. <a href="https://t.co/MiCs1rzttM">pic.twitter.com/MiCs1rzttM</a></p> 
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1762224483559977037?ref_src=twsrc%5Etfw">February 26, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Furthermore, Grayscale’s GBTC recorded its lowest outflows so far at $22.4 million. This shows the massive influx of institutional capital into Bitcoin ETFs even when the macros look a bit uncertain.</p> 
<p>On Monday, business intelligence firm <a href="https://coingape.com/michael-saylors-microstrategy-buys-155m-in-bitcoin/" target="_blank" rel="noopener">MicroStrategy</a> announced the acquisition of approximately 3,000 additional tokens this month. With this latest purchase, the company’s Bitcoin holdings now amount to around $10 billion.</p> 
<p>On the other hand, whale buying has continued in a strong manner throughout the last month. More than 150 new addresses, each holding more than 1,000 BTC have been created over the last month.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> whales are going parabolic! In just the last month, over 150 new <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> addresses, each holding more than 1,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>, have been created. <a href="https://t.co/3lox2KrPcm">pic.twitter.com/3lox2KrPcm</a></p> 
 <p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1762150817975419228?ref_src=twsrc%5Etfw">February 26, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>BTC comfortably maintained positions above both the 50-day and 200-day EMAs, confirming bullish market indicators. A breakthrough beyond the $57,000 resistance threshold would bolster a potential ascent towards $60,000. The focus remains on BTC-spot ETF market flow data.</p> 
<p>Conversely, slipping below the $55,000 mark would bring the $53,000 support level into consideration. With a 14-Daily RSI reading of 80.05, BTC finds itself in overbought territory. Increased selling pressure could be expected near the $57,000 resistance level.</p> 
<p><img decoding="async" class="aligncenter size-full wp-image-182742" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-price-chart-2.png" alt="" width="1380" height="628" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-price-chart-2.png 1380w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-price-chart-2-300x137.png 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-price-chart-2-1224x557.png 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-price-chart-2-768x349.png 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-price-chart-2-150x68.png 150w" sizes="(max-width: 1380px) 100vw, 1380px"></p> 
<p>The post <a href="https://coingape.com/btc-price-shoots-to-57000-as-nine-bitcoin-etfs-set-new-records/">BTC Price Shoots to $57,000 As Nine Bitcoin ETFs Set New Records</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

BTC Price Shoots to $57,000 As Nine Bitcoin ETFs Set New Records

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