On March 3, Bitcoin (BTC), a leading cryptocurrency, surged above the $64,000 level, but it has faced rejection above this level. Bitcoin has experienced a remarkable surge of 23.5% within the last week. Currently, it is aiming to surpass its previous all-time high of $69,000, last reached in November 2021.
As we found on CoinMarketCap data, the price of Bitcoin is trading at $63,582 with a remarkable 69% surge in trading volume over the past 2 hours. Additionally, Bitcoin’s market capitalization currently stands impressively at $1.248 trillion.
Bitcoin is on the rise, currently standing just 7.6% below its all-time high. In the last 30 days, it surged by 48.36%, and over the past year, it soared by an impressive 183.96%, according to CoinMarketCap data.
Key Bitcoin Price Levels to Watch
Many popular crypto analysts have suggested that the price of Bitcoin is expected to reach or surpass its all-time high in the coming weeks. This prediction seems to be on track, as Bitcoin’s recent surge has brought it within striking distance of its previous record highs.
There are several key price levels for investors and traders to watch closely as the cryptocurrency continues its upward momentum. First, $65k will likely act as a psychological barrier, as it is just $1k away from the current price. A break above this level would signal further gains and potentially lead to a test of the all-time high at $69k.
On the downside, Bitcoin will need to maintain support above $61k to $62k to keep its current bullish momentum intact. This level has served as strong support in the past and is likely to continue doing so soon.
Is Bitcoin’s Bull Run Sustainable?
The recent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States significantly impacted the prices of the top cryptocurrency. Nine-spot Bitcoin ETFs saw a record-breaking inflow since it was approved, coinciding with Bitcoin surging past $64,000.
BlackRock’s iShares Bitcoin Trust (IBIT) is dominating the sector in terms of inflows, with assets under management (AUM) exceeding $10 billion. In the second spot, Fidelity’s WiseOrigin Bitcoin ETF holds an AUM of $6.55 billion.
Moreover, OvenAdd’s technical analysis indicates that Bitcoin will continue to rise and can hit its new ATH level by the end of March 2024. Further, Bitcoin can reach a maximum price of $89,319.62, with an average value of $80,893.24 by the end of 2024. If the market gets bearish, the value of BTC can fall down to $75,837.42 in 2024.
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
