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Bitcoin Heads Towards $58,000 Amid Record Spot ETF Trading

source-logo  thenewscrypto.com 28 February 2024 08:34, UTC
  • Bitcoin is currently trading within the range of $57,150–$57,500.
  • Spot Bitcoin ETFs witnessed remarkable activity, hitting record trading volumes of $3.05 billion.

Bitcoin (BTC) continues its upward trajectory, rallying toward the $58,000 mark amidst heightened demand for spot Bitcoin ETFs. With BTC ETF trading volumes surpassing $3.05 billion for the second consecutive day, the market witnesses significant activity, notably with IBIT setting a new record of $1.32 billion in trading volume.

The Bitcoin price surge has seen it breach key resistance levels, including $57,500, reaching as high as $57,537. Currently, Bitcoin is trading above $57,150, maintaining stability above this crucial level of $57,100. Also, the on-chain indicators point to continued strength, with whale accumulation persisting over the past week.

Further, the global market cap has surged past $2.26 trillion following the BTC rally into the $57,150-$57,500 range. Additionally, the upcoming halving event, anticipated to occur on April 24th, is expected to drive more gains in the BTC market.

Bitcoin (BTC) Price Action

Analysts anticipate further upward movement, with projections indicating a potential climb to $60,000. According to the daily price chart, if the current trend persists, Bitcoin could potentially reach $57,850, paving the way for BTC to hit $60,230 and potentially touch its all-time high of approximately $69,000.

Bitcoin (BTC) Price Chart (Source: TradingView)

However, there are warnings of a possible reversal in the trend. If the current bullish momentum reverses, BTC may decline to $56,850, or even $56,340. A further decline to $55,900 could prompt an outflow from the BTC market, potentially triggering significant movement below the $55,000 threshold.

Despite these potential challenges, the overall sentiment remains bullish, driven by increasing institutional interest and sustained investor confidence in Bitcoin’s long-term potential.