Bitcoin is consolidating above $62,000 as bull market indicators begin to blink.

The cryptocurrency market entered March with its foot firmly on the accelerator, despite showing some signs of slowing down from its recent meteoric rise.

Bitcoin (BTC) surpassed the $60,000 threshold at the end of February and showed a remarkable rise to a high of $64,000, and continues to hover around the $62,000 level, showing its resilience despite a variety of market sentiments.

Based on CryptoSlate data, BTC was trading at $62,130 at press time, giving it a market capitalization of $1.22 trillion.

This strong momentum has raised expectations for March, suggesting the possibility of an even more surprising rebound. However, the market briefly slowed, consolidating gains before potentially moving higher.

According to on-chain data, the stability is a result of strong investor confidence, evidenced by over 1 million addresses accumulating over 671,000 BTC within the $60,000-$62,000 price range. This “accumulation zone” hints at potential future support for the flagship cryptocurrency.

Market capitalization close to ATH

Despite a slight slowdown in trading over the weekend, the value of the entire cryptocurrency market soared, with the total market capitalization reaching a new milestone of $2 trillion on February 27, a level not seen since April 2022.

As of early March, the market capitalization was $2.34 trillion, a significant increase compared to the previous year. This growth signals a return to investor confidence in digital assets, bringing the market closer to the all-time high of $2.4 trillion reached in December 2021.

This momentum suggests that the market is likely on track to achieve the much-anticipated $3 trillion mark in the medium term. Despite a 20% drop in trading volume across platforms, the $87 billion figure still signals a bull market reminiscent of past highs.

The altcoin sector contributed noticeably to the overall performance of the market, with coins like Solana (SOL) outperforming other top 10 tokens.

The diversification of altcoin gains, including the notable performance of meme coins like PEPE, indicates that the market is ripe with opportunity for investors looking beyond Bitcoin, one of the early indicators of a bull market.

bull market indicator

Several bullish market indicators began flashing weeks ahead of the Bitcoin halving as the market surged to previous highs. This is in contrast to the previous cycle, which only worked after the half-life.

Coinbase has started climbing the app store rankings and currently ranks 227th among all apps. Last cycle, Exchange was the #1 app in the store across all categories. This means that despite Bitcoin trading being close to all-time highs, retail investors are yet to get back into action.

Meanwhile, Google Trends data shows searches related to Bitcoin and cryptocurrencies are steadily increasing, rising significantly from 29 to 100 over the past week.

Bitcoin’s continued strength, along with the strong performance of altcoins, bodes well for the cryptocurrency market in the coming months. Investors remain wary of Bitcoin’s potential resistance levels, but hope the current uptrend continues.