Traders witnessed a sudden rally in the market on February 28, as surging crypto prices took over and extended till BTC crossed $63,000, while other crypto indicators also improved.

Bearish signals have almost diminished in the crypto market after a sudden rally on February 28. Bitcoin led the surging crypto prices, going above $63,000 during the rally. The $60,000 mark was still uncertain till 24 hours ago when BTC had traded around $56,000. With the latest rally, though, BTC could even surpass its all-time highs before the Bitcoin halving event.

Analysts and experts claim the crypto indicators may have improved with the spot Bitcoin ETF inflows. With the increasing inflows, BTC has risen by around 50% this month. Bitcoin’s next resistance area will likely form around $65,000 if it holds its current trading level.

Leading crypto analyst Chris Newhouse recently said, “Breaking through the $53K region showed relative strength, volumes were high, natural demand was there,” and further claimed how a combination of derivatives and spot ETF inflows had led to the rally.

Other altcoins were also not behind, as ETH is inching closer to $3,500. Its weekly gains have almost touched 20%. On the other hand, BNB, SOL, ADA, and SOGE also saw massive returns in the last 24 hours. DOGE has seen returns of around 58% in the last seven days.

BTC/USD 1D price chart

Bitcoin is currently trading at around $63,000 on February 29, 2024, with BTC/USD trading higher by a margin of 11.1% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.2 trillion.

BTC/USD is trading higher than its 20-day EMA (50,676.82), as BTC’s 24-hour volume was at around $95 billion. The global crypto market cap increased by around 3.23%, trading above $2.21 trillion. BTC’s year-to-date returns are at 49.60%.

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Bitcoin made a sharp comeback after shedding some losses on November 14, after which an altcoin rally also took place, led by Solana’s double-digit gains.

The witnessed traders and investors lending support yet again after a day of profit booking. An altcoin rally took shape as a result, while BTC continued its recovery as usual. Bitcoin reclaimed the trading range above $37,000 again as it fought its resistance at $37,500. ETH rallied along the same lines, pushing north of $2000 with over 7% weekly gains.

Solana has been one of the best performers of the last week, with almost 50% weekly returns. Its market cap has surged significantly towards $27 billion. It is still below its all-time high but may surpass it with its current upward movements.

Bitcoin’s price rise could be due to a couple of factors. Firstly, the liquid supply of BTC may have declined. On the other hand, investors could have started allocating a major portion of their portfolios to BTC with its good performance in 2023. Institutional inflows into the crypto market have also increased, while the lingering hope for spot crypto ETFs continues to incentivize the markets.

If BTC ends the week above $37,000 and sustains it through the weekend, the market could witness a stronger surge soon.

BTC/USD 1D price chart

Bitcoin is currently trading at around $37,400 on November 16, 2023, with BTC/USD trading higher by a margin of 5.2% in the last 24 hours. The market rally has taken the crypto market cap to a 14-month high.

BTC/USD is trading higher than its 20-day EMA (34,923.79), as BTC’s 24-hour volume was at around $28 billion. The crypto market cap increased by around 4.85%, trading at $1.43 trillion.

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Crypto inflows have touched record highs after a year as investors increase their allocation to crypto investment products centered on multiple tokens.

The crypto market saw traders and investors help Bitcoin float above $37,000 in the last 24 hours. Despite the market slowing down in the same period, the level has emerged as the new support level for BTC. Crypto bulls were consistent in the market, as the BTC derivatives’ strength was resilient in the last few days. Crypto inflows have also improved in 2023, rising consecutively in the previous few weeks.

Regulatory events around the globe have grabbed eyeballs in November as multiple events unfolded for crypto. With price action in the market being influenced by such events, traders could be cautious in December 2023.

Crypto investment products saw inflows of more than $1.5 billion in the present year. Over $346 million flowed into crypto investment products in the last week alone, with Bitcoin accounting for $312 million. 

A crypto investment strategy firm that revealed the above numbers noted the following about ETH in , “Ethereum saw US$34m inflows last week, bringing this 4-week run to US$103m, almost correcting its run of outflows this year, marking a decisive turn-around in sentiment.”

BTC/USD 1D price chart

Bitcoin is currently trading at around $37,100 on November 28, 2023, with BTC/USD trading lower by a margin of 0.8% in the last 24 hours. Bitcoin’s market cap is trading at around $723 billion.

BTC/USD is trading higher than its 20-day EMA (36,393.57), as BTC’s 24-hour volume was at around $18 billion. The crypto market cap decreased by around 0.78%, trading above $1.41 trillion. BTC’s year-to-date returns are above 123.83%.

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