Greed

Shiba

Dogecoin

Shiba Inu

Pyth Network

<p>Bitcoin, the largest cryptocurrency, has surged above the pivotal $59,000 resistance recently. This sparked a wave of buying across digital assets that lifted the overall crypto market capitalization of BTC to $1.16 trillion. The breakout continues Bitcoin’s staggering recovery from last year’s depths.</p>
<h2 class="wp-block-heading" id="greed-rages-as-indicator-hits-extreme-1-year-highs">Greed Rages As Indicator Hits Extreme 1-Year Highs</h2>
<p>Surging prices often breed overly eager bullish sentiment – as <a href="https://alternative.me/crypto/fear-and-greed-index/" target="_blank" rel="noopener noreferrer nofollow">evidenced </a>by the crypto fear and greed index exploding to 82 on Wednesday, tagging the highest reading in the last year. This implies current trader psychology has become utterly dominated by greed – typically an environment prone to shakeouts.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="913" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-1036-1024x913.png" alt="" class="wp-image-444953" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-1036-1024x913.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1036-300x268.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1036-767x684.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1036-1536x1370.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1036-2048x1826.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1036-168x150.png 168w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1036-100x89.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1036-393x350.png 393w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1036-788x702.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1036.png 360w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>Indeed, history shows that such elevated greed levels presage corrective selloffs once buyers hit exhaustion. With valuations stretched substantially above still-key resistance, market participants must prepare for two-sided volatility, likely intensifying in the short term.</p>
<h2 class="wp-block-heading" id="record-bitcoin-etf-volume-reflects-mania">Record Bitcoin ETF Volume Reflects Mania</h2>
<p>Undeterred by risks, immense volume continues pouring into various Bitcoin investment vehicles, signaling confidence yet also areas of froth. As data provider Coinglass <a href="https://www.coinglass.com/bitcoin-etf" target="_blank" rel="noopener noreferrer nofollow">highlighted</a>, Bitcoin ETFs observed a staggering $3.8 billion in total volume amidst the buying hysteria as the total market cap hit $4.81 billion.</p>
<p>While institutions steadfastly accumulate Bitcoin throughout its journey, which supports durable valuation growth, extreme capital inflows into speculative instruments like ETFs indicate market maturity still lacks. Caution persists and is prudent during periods of unchecked exuberance.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="286" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-1037-1024x286.png" alt="" class="wp-image-444961" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-1037-1024x286.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1037-300x84.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1037-766x214.png 766w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1037-1536x429.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1037-2048x572.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1037-537x150.png 537w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1037-100x28.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1037-1253x350.png 1253w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1037-788x220.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1037.png 408w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<h2 class="wp-block-heading" id="upcoming-halving-cycle-injects-further-upside">Upcoming Halving Cycle Injects Further Upside</h2>
<p>Beyond worrisome greed metrics, the pending Bitcoin halving cycle in April contributes uncertainty given the radically changed macro landscape versus past events.</p>
<p>With mining rewards slashed in half to 3.125 BTC, the deflationary impact could either stoke bullish continuations or undermine investment spread, injecting fragility if momentum wavers. Participants are keenly focused on how this key cyclical catalyst plays out historically, given the pivotal implications for a broader price trajectory.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="460" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-1038-1024x460.png" alt="" class="wp-image-444969" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-1038-1024x460.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1038-300x135.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1038-768x345.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1038-1536x690.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1038-2048x920.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1038-334x150.png 334w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1038-100x45.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1038-779x350.png 779w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1038-788x354.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1038.png 977w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>So in summary, while hitting 2-year highs catalyzes positive narrative momentum, Bitcoin’s vertical ascent dangles warning flags that could either fuel mounting upside or inflict harsh whiplash if undisciplined bulls lose conviction. The sheer uncertainty supports prudent protection against adverse turns while enjoying further up-move participation.</p>
<p>You may also be interested in:</p>
<ul>
 <li><a href="https://captainaltcoin.com/expert-urges-caution-on-long-term-meme-coin-holdings-dogecoin-shiba-inu-and-others/" target="_blank" rel="noopener noreferrer nofollow">Expert Urges Caution on Long-Term Meme Coin Holdings; Dogecoin (DOGE), Shiba Inu (SHIB), and Others</a></li>
 <li><a href="https://captainaltcoin.com/stacks-stx-and-pyth-network-pyth-prices-pumping-heres-why/" target="_blank" rel="noopener noreferrer nofollow">Stacks (STX) and Pyth Network (PYTH) Prices Pumping – Here’s Why</a></li>
 <li><a href="https://captainaltcoin.com/xrp-price-faces-downward-pressure-investors-turn-to-bdag-and-pushd/" target="_blank" rel="noopener noreferrer nofollow">SEC vs Ripple Lawsuit Prompts Investors to Turn Towards BlockDAG’s $2M Presale</a></li>
</ul>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/Copy-of-P2P-Review-17-qi3pqhl3pi3mlojv8nq0upz5rcb68rblc7kuvhcaou.png" width="500" alt="Check NuggetRush ($NUGX)" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-noopener-noreferrer-nofollow-span-check-nuggetrush-nugx-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <span>Check NuggetRush ($NUGX)</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> Buy NUGX Today </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Being in its <strong>ICO stage</strong>, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>A unique <strong>play-to-earn</strong> gaming platform in the memecoin market <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>The platform combines artisanal and <strong>gold mining</strong> with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Fosters a strong <strong>community </strong>by encouraging physical meetups among members <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i><strong>NFT</strong> Integration with Prominent Characters
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/why-is-bitcoin-btc-price-up-above-59000-today/" rel="noopener noreferrer nofollow">Why is Bitcoin (BTC) Price Up Above $59,000 Today?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why is Bitcoin (BTC) Price Up Above $59,000 Today?

Table of Contents

CaptainAltcoin

Other articles published on Feb 28, 2024

Here’s what crypto the jailed FTX founder is advising prison guards to buy

The Bitcoin Rally Continues at Full Speed: Surpasses $59,000 Level!

Terra Classic Finds Utility, Will LUNC, USTC Price Rally $1 Amid These Key Developments?

Bitcoin Surges to $64,000 as ETF Inflows Escalate

Maverick Protocol (MAV) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Bitcoin breaks $59k as explosive presale puts Pullix on investors’ radar

Join our free newsletter for daily crypto updates!