Bitcoin’s recent surge to over $62,000 has captivated crypto enthusiasts and surprised sceptics alike, marking a period of exponential growth. The rally witnessed in February even set a record, representing the longest monthly green candle in Bitcoin’s history. Despite this remarkable rise, several key factors and upcoming events suggest that this may just be the beginning of a significant bull run with further potential gains. One critical factor is the upcoming Bitcoin halving scheduled for April of this year. According to data from on-chain analytics firm Glassnode, withdrawals from Bitcoin exchanges amounted to approximately $2 billion on March 1 alone, highlighting the increasing interest and activity surrounding the asset.

At the time of writing BTC was trading at $63,524.

Bitcoin after taking multiple supports at $40,000 resumed the up move and rallied up to $52,985. The asset was facing stiff resistance at $52,000 and started consolidating between $52,000 and $50,000. Post this move, BTC finally gave a breakout above the range and surged up to $6,248. The asset has a strong resistance at $64,000 and at $69,000 and to further rally it needs to break, close and sustain above these levels. $52,000 and $56,000 will act as a strong support for the asset.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.$52,000$56,000BTC$64,000$69,000

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Filed under: Bitcoin - @ March 4, 2024 11:08 am