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Bitcoin Has Broken the $61,000 Mark
02/28/2024

Bitcoin Has Broken the $61,000 Mark

02/28/2024
5,0

Growing bullish sentiment in the market has seen Bitcoin rise above the $61,000 mark.

The price of Bitcoin is up 5.4% in the last 24 hours and 15% in the last seven days. At the time of writing, the asset is trading at $61,800, approaching a multi-year all-time high. Over the past 24 hours, global market capitalization rose 3% to $2.3 trillion.

Source and Copyright © TradingView

Bitcoin continues to get a boost from crypto funds, which are attracting an increasing number of institutional investors. As of Wednesday morning, the trading volume of crypto funds amounted to $3.8 billion. The growth of the main cryptocurrency is also conditioned by the upcoming halving: this event is already included in the price expectations of investors.

From a technical point of view, Bitcoin gained new bullish momentum after it broke through the resistance level of $56,000. On the hourly chart, an upward channel with resistance around $57,650 was formed, and the bulls managed to test $58,800. The main resistance is the $60,000 mark, which Bitcoin is now targeting. The next resistance levels are at $60,094 and $61,380.

The RSI index, which is currently at 80, indicates overbought, while the 50-day EMA at $52,990 provides a solid base of support. On the negative side, Bitcoin could fall to support levels of $56,000, $54,250, and $53,200.

This is not a 100 percent statement. The cryptocurrency market is very volatile. Investors should keep in mind the importance of DYOR.


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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


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