At the time of writing, Bitcoin (BTC) is being traded at $60,250 based on CoinMarketCap statistics. The price experienced a brief surge to approximately $60,500 before settling back down. Over the course of 24 hours, there was an approximate increase in value of 6%, while over one week it has increased by more than 18%.
Amidst the surge of Bitcoin’s value, there was an increase in the asset dominance indicator to 54.4%, and futures contracts’ liquidation volume exceeded $342 million within a day on the crypto-market platform. During this occurrence, losses amounted to about $210 million for short positions while traders had disregarded long positions worth around $133 million.
Since September 2023, there has been a steady increase in the price of BTC. Although December saw a lull in upward movement, this trend has since regained momentum. The surge can be attributed to two factors: an anticipated halving event expected during springtime in 2024 and sizeable capital inflows into spot Bitcoin ETFs.
The Bitcoin market is currently experiencing a speculative frenzy amidst its bullish trend, as highlighted by analysts from Glassnode. Various factors such as fresh capital inflows, heightened exchange activity, an increase in leverage within crypto derivatives and institutional demand all contribute to this phenomenon.
The March expiration period is expected to see BTC naturally reaching the $60,000 target, as suggested by analysts from QCP Capital.
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