🌎 Bitcoin Price Surpasses $60,000 Mark

The price of Bitcoin has exceeded $60,000 for the first time since November 21, 2021. According to data from CoinMarketCap, Bitcoin (BTC) is currently trading at $60,250, briefly reaching $60,500. The cryptocurrency has seen a 6% increase in a day and over 18% in a week.

Amidst the rising Bitcoin price, the asset dominance indicator has reached 54.4%, with liquidations on futures contracts in the crypto market exceeding $342 million in 24 hours. Short positions led to $210 million in losses, while long positions saw $133 million liquidated.

Bitcoin’s price has been steadily rising since September 2023, with a brief stagnation in December before picking up momentum again this month. The surge in Bitcoin’s price can be attributed to the upcoming halving in spring 2024 and a significant influx of capital into spot Bitcoin ETFs.

Analysts from Glassnode have observed a speculative frenzy in the Bitcoin market amidst the bullish trend. Factors such as fresh capital inflows, increased exchange activity, leverage in crypto derivatives, and institutional demand are contributing to this trend.

QCP Capital analysts have noted that reaching $60,000 was a natural target for Bitcoin in March, indicating a positive outlook for the cryptocurrency’s future.