Bitcoin continues its meteoric rise, exceeding $65,000, and is now approaching its all-time high. This remarkable performance comes just a few weeks before the highly anticipated “Halving” event.
Bitcoin crosses $65,000
The queen of cryptos has just reached a symbolic milestone by establishing a new annual record at $65,000, a level not seen since November 2021 when it reached its historic peak at nearly $69,000. Driven by a massive resurgence of interest from institutional investors, Bitcoin now seems unstoppable in its race towards new heights.
During European sessions, the main cryptocurrency thus evolved only less than 8% of its absolute record level of $69,000 established in November 2021. A remarkable performance which comes just a few weeks before the highly anticipated “Halving” event, this planned reduction by half of the rewards allocated to minors.
This remarkable performance, recorded during European trading sessions, places the crypto queen less than 8% from its absolute record of November 2021. A remarkable performance which comes just a few weeks before the highly anticipated “Halving”.
Starting 2024 at around $44,000, Bitcoin has soared nearly 44% since then, delivering substantial gains to its long-time holders.
However, this meteoric rise was not a smooth ride, punctuated in particular by a violent correction which saw it plunge back to $38,500 following the approval of the Spot Bitcoin ETFs, destabilizing part of the markets.
After this temporary jolt, Bitcoin quickly regained color, reaching $64,000 last week, before fluctuating for a few days around $60,000. It was finally on the night of March 4 that the symbolic barrier of $65,000 was definitively crossed.
Record liquidations and the shadow of Halving
If this surge delights investors, it is not without consequences for the market. According to data of Coinglass, no less than 230 million dollars of positions have been liquidated over the last 24 hours, including 70 million on Bitcoin alone, with an overwhelming majority of short positions.
But above all, this bullish rally comes just a few weeks before the highly anticipated “Halving” event which, by halving mining rewards, risks strongly impacting the supply of Bitcoin on the markets.
Historically, if each “Halving” has been a factor associated with major price increases subsequently, a phase of falling prices has nevertheless systematically preceded this type of event, thus preparing the ground for a future bullish rally. However, this is not the case this time, which raises uncertainty as to the sustainability of this current crazy appreciation.
Regardless, with BTC now trading within 8% of its all-time high, massive demands for Bitcoin ETFs, and the powerful Halving catalyst ahead, 2024 could well mark a new historic milestone in the meteoric rise of the queen of cryptos.
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