Bitcoin breaks $60k, now only 2% from highest monthly close in history

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Crypto Slate2024/02/28 14:05

By:Liam 'Akiba' Wright

Bitcoin is up 20% in the past 3 days and is less than 1.94% away from its highest ever monthly with under 36 hours remaining.

Bitcoin is continuing its extraordinary run, smashing through $60k prior to the opening of the US market.

Bitcoin subsequently recorded a new year-to-date high of $60,807 before retracing to $60,140 as of press time. It soared 7% over the past 24 hours, adding to its gains from the start of the week. Since Monday, Feb. 26 the flagship digital asset is up 20% from $51,500.

Bitcoin breaks $60k, now only 2% from highest monthly close in history image 0

Bitcoin price (Source: TradingView)

Were Bitcoin to hold above $60,000 for more than 24 hours it would be only the second time it has closed a monthly candle above the key level. The only other monthly candle close was in October 2021, when it closed at $61,293. Thus, a 1.94% increase from the current level would see Bitcoin mark its highest monthly close in history.

Bitcoin breaks $60k, now only 2% from highest monthly close in history image 1

Bitcoin breaks $60k, now only 2% from highest monthly close in history image 2

Bitcoin monthly candles (Source: TradingView)

The Bitcoin price surge can potentially be attributed to a supply squeeze due to the increased demand from spot Bitcoin ETFs in the US. Further, ‘ smart money ‘ has been accumulating Bitcoin alongside ETF inflows, leading to a perfect storm for a price surge.

Bitcoin Market Data

At the time of press 1:51 pm UTC on Feb. 28, 2024, Bitcoin is ranked #1 by market cap and the price is up 5.98% over the past 24 hours. Bitcoin has a market capitalization of $1.19 trillion with a 24-hour trading volume of $50.22 billion. Learn more about Bitcoin ›

Crypto Market Summary

At the time of press 1:51 pm UTC on Feb. 28, 2024, the total crypto market is valued at at $2.24 trillion with a 24-hour volume of $114.38 billion. Bitcoin dominance is currently at 52.88%. Learn more about the crypto market ›

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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