Surging crypto prices take Bitcoin over $63,000

  • February 29, 2024
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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%.

With Bitcoin set to cross its all-time highs, it’s the best time to join the bandwagon and trade crypto! Join Millionero and start today!

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