As optimism spreads, Bitcoin price soars to $58,000. Is $60,000 on the horizon?
Posted: February 28, 2024 2:56 AM Updated: February 28, 2024 3:07 AM
Correction and fact check date: February 28, 2024, 2:56 AM
briefly
Bitcoin (BTC) price soared to $58,000, trading at $58,200, with a surprising price increase of 3.26% amid optimistic market sentiment.
Bitcoin (BTC) has soared to $58,000 and the cryptocurrency is currently trading at $58,200 with an impressive price increase of 3.26%. With BTC price rebounding daily, investors are now optimistic about hitting $60,000.
BTC price gained momentum on Monday, surging above the $55,000 resistance and breaking past the $55,500 and $56,000 resistance levels. The cryptocurrency experienced a surge, reaching a new multi-week high near $57,572 before consolidating its gains.
There was some decline below the $57,000 level, but the price remains above the 23.6% Fibonacci retracement level of the recent wave from the $50,950 low to the $57,572 high.
The recent uptick comes amid growing interest and participation from institutional investors in spot Bitcoin ETFs. Market analysts had previously predicted a surge, predicting that Bitcoin could potentially reach $60,000 in the coming days based on historical patterns and institutional interest.
One of the important factors contributing to the positive sentiment surrounding Bitcoin is the anticipation of an imminent decline in supply growth, known as halving. This incident, seen as an optimistic sign by many investors, adds to the optimism surrounding the future trajectory of cryptocurrencies.
The current surge above $57,000 is a notable milestone for Bitcoin. This is because it has not reached these levels against the US dollar since November 22, 2021.
If the bulls maintain momentum, the price could move above resistance and potentially move above $59,000. However, while the current resurgence is a significant development, occurring about 12 days since the previous high of $69,000, a significant hurdle lies ahead near $60,000. With resistance levels between $58,000 and $60,000, Bitcoin bulls are eagerly eyeing the next milestone in its journey.
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Victor is the Managing Technology Editor/Writer at Metaverse Post and covers artificial intelligence, cryptography, data science, metaverse, and cybersecurity within the enterprise space. He boasts of five years of media and AI experience working at renowned media outlets such as VentureBeat, DatatechVibe, and Analytics India Magazine. Having worked as a media mentor at prestigious universities such as Oxford and USC, and holding a Master’s degree in Data Science and Analytics, Victor is committed to keeping up with new trends. He provides readers with the latest and most insightful stories from the world of technology and Web3.
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Victor Day
Victor is the Managing Technology Editor/Writer at Metaverse Post and covers artificial intelligence, cryptography, data science, metaverse, and cybersecurity within the enterprise space. He boasts of five years of media and AI experience working at renowned media outlets such as VentureBeat, DatatechVibe, and Analytics India Magazine. Having worked as a media mentor at prestigious universities such as Oxford and USC, and holding a Master’s degree in Data Science and Analytics, Victor is committed to keeping up with new trends. He provides readers with the latest and most insightful stories from the world of technology and Web3.