The momentum has been building, and futures markets have responded favorably
In a remarkable turn of cryptocurrency events, Bitcoin (BTC) has defied all expectations, surging above the $65,000 mark during the European morning hours on Monday. This price level represents the highest since November 16, 2021, and puts Bitcoin just 5% below its all-time high.
A Bullish Rally
Data provided by TradingView reveals that Bitcoin has recorded five consecutive positive daily candles. The most significant surge occurred last Wednesday, propelling the top cryptocurrency from $56,590 to a high of $61,430 at the time of writing—an impressive 8.3% increase within a single day. According to CoinMarketCap data, Bitcoin’s price cleared the $65,000 threshold on March 4 after gaining 5.71% in the last 24 hours and 27.24% within the last week.
BTC/USD Chart
The momentum has been building, and futures markets have responded favorably. According to Kitco senior technical analyst Jim Wyckoff, “March Bitcoin futures prices were again solidly higher and hit a contract and two-year high in early U.S. trading Wednesday.” Wyckoff further commented, “The bulls have the solid overall near-term technical advantage and have gained fresh power this week—to suggest still more upside.”
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CoinDesk’s Bitcoin Trend Indicator
CoinDesk Indices Head of Product, Andy Baehr, attributes the recent surge to the CoinDesk Bitcoin Trend Indicator. This indicator has been signaling a significant uptrend for the past 27 days. Baehr explains, “The success of the ETF launches in the United States has been met with robust demand from other regions, especially Asia. Over the last week in February, the price of Bitcoin had consolidated between $50k-$52k, so the recent breakout to current levels is a renewed sign of strength.”
Aiming for New Heights
Bitcoin bulls now set their sights on an unprecedented cryptocurrency achievement: reaching a new all-time high before the next halving event. Historically, Bitcoin prices have strengthened around halving events due to anticipated supply constraints resulting from reduced miner rewards. However, the landscape has changed significantly since the last halving four years ago. As Baehr notes, “The Bitcoin market is very different now, so anything is possible.”
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Ethereum Follows Suit
Ethereum (ETH) also experienced five consecutive positive daily candles last week, indicating growing interest in the second-ranked cryptocurrency by market capitalization. Speculation surrounding the potential approval of the first spot ETH ETF has contributed to Ethereum’s upward trajectory.
As the cryptocurrency market continues to evolve, investors and enthusiasts eagerly await further developments. Whether Bitcoin can surpass its previous all-time high remains to be seen, but one thing is certain: the bulls are charging ahead.
