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- Bitcoin (BTC) price increased by over 10% to a new yearly peak of $64K on February 28 as the halving event draws near.
Bitcoin (BTC) price rose more than 10% to a new annual high of $64,000 on February 28.
This notable surge, which elevated the price by 50% this month, is primarily linked to investor expectations regarding the forthcoming supply halving event, which has historically been associated with price increases.
Additionally, the consistent influx of funds into newly established spot Bitcoin exchange-traded funds (ETFs) is thought to be contributing to this upward movement.
Nonetheless, some technical analysts advise caution against excessive optimism.
See Also: Bitcoin Hits All-time High Prices in Over 30 Countries
They caution that the existing market structure and elevated funding rates across the board suggest significant leverage utilization, which could result in a correction triggered by forced liquidations.
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Shortly after hitting $64,000, a rapid price decline caused Bitcoin to drop to $58,700.
This is likely due to a mix of selling pressure at the $64,000 mark and the liquidation of leveraged long positions.
However, Bitcoin has succeeded in recovering nearly all of the lost value. At the time of writing, Bitcoin (BTC) is valued at $63,562.12 per coin.
BTC Price Chart | Source: Coinstats
With Bitcoin currently trading less than 13% below its all-time high, both retail and institutional investors maintain the hope that the record of $68,900 will be exceeded before the supply halving event in roughly 52 days.
However, the possibility of a correction due to excessive leverage and the unpredictable market conditions call for cautious optimism in the near term.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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The post Bitcoin (BTC) Price Touches $64K, Nearing All-Time Highs As Halving Approaches appeared first on BitcoinWorld.
