Bitcoin Hits $60,000 with Strong Momentum and Halving Anticipation

The Bitcoin marathon is becoming unstoppable as it reaches the mark of $60,000 after a wait of 2 years! It increased significantly over a value of 6% merely in 24 hours as reported by Binance.

As per CoinMarketCap data, the world’s first cryptocurrency has witnessed a significant surge of over 13% on the weekly chart and a staggering 37% during the past month.

It is important to mention that Bitcoin, the world’s largest cryptocurrency by market capitalization, has experienced an up-and-down performance in recent months. Since November 12th, 2021, Bitcoin has only been traded above $60,000 once. However, this peak was short-lived, as the cryptocurrency underwent a substantial decline, falling over 67% to reach a macro low of $19,297 at the beginning of April 2022.

This decline was attributed to several factors, including regulatory concerns, increased scrutiny from global governments, and a general market correction. Despite this, Bitcoin has shown resilience in the past, and many investors remain optimistic about its long-term prospects.

Bitcoin has been exhibiting a strong upward trend in its price movements recently. This trend has followed just two days after the spot Bitcoin exchange-traded funds (ETFs) in the United States surpassed a record-breaking $2.4 billion in daily trading volume on Feb. 26. The news of this development was shared by Eric Balchunas, who is a senior ETF analyst at Bloomberg.

Bitcoin’s recent price increase can be attributed to the market’s anticipation of the upcoming halving event, which tends to lead to increased buying activity. As per Bryan Legend, investor and CEO of Hectic Labs, investors expect a reduction in supply to drive up prices, leading to what is known as the “Pre-Halving rally”. This phenomenon often results in a new bullish market with a refreshed bullish sentiment, which we are currently witnessing.

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