Markets News Report
February 28, 2024

Bitcoin Price Soars to $59K as Bullish Sentiment Prevails, $60K on the Horizon?

In Brief

Bitcoin (BTC) price surged to $59K mark trading at $59,042 with a remarkable 4.62% increase in price amid bullish market sentiment.

Bitcoin Price Soars to $58K as Bullish Sentiment Prevails, Is $60K Next?

Bitcoin (BTC) has now surged to $59K mark with the cryptocurrency now trading at $59,042 with a remarkable 4.62% increase in price. With BTC price rallying everyday, investors are now optimistic on the $60,000 milestone.

BTC price surged above the $55,000 resistance zone on Monday, gaining momentum as it surpassed the $55,500 and $56,000 resistance levels. The cryptocurrency experienced a spike, reaching a new multi-week high near $57,572 before consolidating its gains.

Although there was a minor decline below the $57,000 level, the price remains above the 23.6% Fibonacci retracement level of the recent wave from the $50,950 swing low to the $57,572 high.

The recent rise comes amidst growing interest from institutional investors and heightened engagement in spot Bitcoin ETFs. Market analysts had earlier predicted the surge, forecasting that Bitcoin could potentially reach $60,000 within the coming days, based on historical patterns and institutional interest.

One significant factor contributing to the positive sentiment surrounding Bitcoin is the anticipation of an impending halving — viewed as a bullish signal by many investors.

Source: CoinDesk

The current surge to over $57,000 marks a notable milestone for Bitcoin, as it hasn’t reached such levels relative to the U.S. dollar since November 22, 2021.

If the bulls maintain momentum, the price may climb above resistance zone and potentially surpass $59,000. However, a significant hurdle lies ahead near the $60,000 zone. Although the current resurgence is a significant development, occurring approximately 12 days following its previous peak valuation of $69,000. With resistance levels between $58,000 and $60,000, Bitcoin bulls are eagerly eyeing the next milestone in its journey.

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About The Author

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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Victor Dey
Victor Dey

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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