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Bitcoin bulls a short jump away from $60,000


Bitcoin bulls a short jump away from $60,000 By Proactive Investors

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Published Feb 28, 2024 10:31

© Reuters. Bitcoin bulls a short jump away from $60,000

Proactive Investors – Bitcoin (BTC) was approaching $60,000 in early Wednesday exchanges amid the strongest three-day surge in recent memory.

The world’s largest cryptocurrency has added over 13% against the US week on week, bringing the BTC/USD to $59,158 at the time of writing.

It marks the first time bitcoin has surged above $59,000 since the unprecedented bull run in November 2021.

Bitcoin bulls are now eyeing up $69,000, which is where the cryptocurrency’s all-time high is currently set.

However, sell orders at $60,000, as seen on Binance’s order book, suggest that a not insignificant amount of traders are willing to cash out at this price point.

Sustained inflows into spot-bitcoin exchange-traded funds are keeping optimism in the spot markets alive, with Bloomberg data showing a record day of inflows yesterday for BlackRock’s iShares Bitcoin ETF (IBIT).

With ETF volumes driving bitcoin’s spot price, bitcoin’s dominance of the crypto markets has surged above 54%, up from closer to 53% this time last week.

Ethereum (ETH), the second largest cryptocurrency, is also on a rip, adding nearly 11% week on week.

In the broader altcoin space, Binance’s BNB token has added 15% over the past seven days, with Dogecoin (DOGE) adding over 18%.

Meanwhile, Solana (SOL), Ripple (XRP), Cardano (ADA) and Avalanche (AVAX) have added high single digits to their spot prices.

Read more on Proactive Investors UK


Bitcoin bulls a short jump away from $60,000

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