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Bitcoin surged an impressive 45% throughout February, showcasing its unparalleled strength and achieving a performance milestone not witnessed since December 2020. The crypto king demonstrated its resilience by securing gains for the sixth consecutive month, setting a strong trend that defied market expectations and solidified experts’ predictions of a crypto bull run starting any time now.
Blue-Chip Coins Take Center Stage
Bitcoin and Ethereum, often regarded as the blue-chip coins in the cryptocurrency market, stole the spotlight in February. As Bitcoin made the aforementioned surge, Ethereum also notched an over 47% increase, marking its highest monthly gain since July 2022.
As February came to an end, Bitcoin experienced a 3% uptick in the past twenty-four hours, closing at a little over $62,000, marking a weekly gain of 21%. Ethereum followed suit with a 3.5% daily surge, reaching $3,400 and an 18.8% weekly gain. Tokens like Solana and Cardano, which are seen as competitors to Ethereum, also saw enormous gains of 16% and 9%, respectively.
February also proved to be a groundbreaking month for Bitcoin exchange-traded funds (ETFs), witnessing an unprecedented $677 million in daily net inflows. Analysts say that Bitcoin’s explosive rise is due to its complex supply and demand factors, as well as the fact that Bitcoin halving is approaching and spot Bitcoin ETFs are bringing in a lot of money.
Technical Analysis and What to Expect
Examining the weekly chart, Bitcoin has been on a steady rally, maintaining its momentum since rebounding from the 200-day moving average a few months ago. The apex crypto recently broke through the key $60,000 level, setting its sights on the $69,000 all-time high.
According to the inverse Fibonacci retracement, Bitcoin’s next target is the $100,000 mark in the coming weeks. While this represents an incredibly bullish outlook, it’s essential to note that the continuation of this rally may encounter a short-term correction during halving. This is because right now, the RSI is signaling a massive overbought condition.
At press time, Bitcoin was worth $61,004.