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- 1 The Bitcoin revolution began as its price went crazy and peaked at the $54,910 level in the recent session.
- 2 The BTC price has broken the threshold, shattering the $57,000 mark for the first time since December 2021.
Bitcoin Revolution begins, breaking multiple resistance levels, and has now reached an impressive milestone of $57,000. It is the highest the BTC price has been since December 2021. It seems that 2024 is the year of Bitcoin.
Several factors are working in favour of Bitcoin. For instance, the recently approved Spot Bitcoin ETF volume has surged and reached a peak level of $3.24 billion. Furthermore, the upcoming Bitcoin halving in 2024 is expected to ignite the price even more.
Bitcoin Revolution Begins: Factors Behind The Bitcoin Rally
There are multiple factors, like the entry of BTC in the US markets, anticipations of cut rates, and the success of the Spot Bitcoin ETF.
The oldest and most valuable cryptocurrency by market value has recently gained momentum due to the approval of bitcoin-holding exchange-traded funds (ETFs) in the United States.
On February 26, trading volumes in many funds increased considerably, and crypto-related firms also experienced a significant rise.
Additionally, Investors expect that the Federal Reserve is finished with interest rate increases and might soon lower rates. Therefore, they are shifting to riskier assets like Bitcoin and smaller cryptocurrencies like Ether and Dogecoin.
According to CNBC, in a note, JPMorgan’s Nikolaos Panigirtzoglou highlighted three key factors that help explain the renewed interest: the Bitcoin halving and Ethereum’s next tech upgrade — both of which JPMorgan sees as priced in — and the possible approval of spot ether ETFs.
Technical Analysis of Bitcoin on the Technical Charts
On the daily technical chart, the Bitcoin price is heading upward and trading above the key moving averages of 20, 50, 100, and 200-day. The RSI curve is hovering in the bullish zone, indicating bullishness and the MACD curve also signals bullishness in the crypto price. Overall, the key indicators are indicating the bullishness in the BTC price.
As per the CoinMarketCap data, the current price of BTC is $56,310.39, an upsurge of 10.04% in one day. The market cap of BTC is $1,106,220,505,969, with a 24-hour volume of $48,980,268,570.
The past 24-hour volume/ market cap ratio of Bitcoin is recorded at 4.43%. Furthermore, BTC’s all-time high price was recorded at $68,789.63 on November 10, 2021, whereas the all-time low was documented at $0.04865 on July 15, 2010.
As per the data of mempool.space, the average block time of BTC is approximately 10.3 minutes with a transaction fee of 4.804, up from 2.999 yesterday and up from 1.265 one year ago. That is a change of 60.17% from yesterday and 279.7% from one year ago.
Summary
The Bitcoin revolution begins as the price looks highly bullish, per the latest update and the crypto’s technical analysis. Currently, the price is trading in the bullish zone with support from various indicators. Various analysts support the BTC’s bullishness, indicating that the BTC price might conquer the $69K mark in upcoming sessions.
Technical Levels
Support Levels: The Bitcoin price may find support at $53,000 and $50,000 levels, where it could bounce back or stabilize.
Resistance levels: The BTC crypto price may face resistance at $58,000 and $60,000 levels, where it could reverse or consolidate.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
