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Bitcoin Crosses $61,000: Bullish Signs and Technical Analysis

Bitcoin Crosses $61,000: Bullish Signs and Technical Analysis

Bitcoin (BTC) has experienced a remarkable surge, currently trading above $61,000 and reaching highs near $64,000 in the past 24 hours. This bullish momentum can be attributed to several key factors:


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1. Record Volume in US Spot Bitcoin ETFs

U.S. spot Bitcoin ETFs shattered their previous record for trading volume, surpassing it by over 150% on February 28th. This surge highlights increased institutional interest in Bitcoin, with BlackRock’s iShares Bitcoin ETF (IBIT) leading the charge at $3.35 billion in volume. This signifies growing mainstream adoption and confidence in the cryptocurrency.

2. New BTC Whales Holding High Unrealized Profits

On-chain data reveals that “newbie whales,” defined as investors holding Bitcoin for less than 155 days and possessing over 1,000 BTC, are sitting on record levels of unrealized profit. This suggests optimism and a belief in continued price appreciation among these newer investors.

3. El Salvador’s Bitcoin Holdings Gain Value

With Bitcoin’s recent price rise, El Salvador’s national Bitcoin holdings have surpassed $60 million USD. This strengthens the country’s commitment to Bitcoin and potentially inspires other nations to consider similar strategies.

BTC/USD Technical Analysis

  • Bullish indicators:
    • Price action is currently above both the 50-day and 200-day moving averages, indicating an upward trend.
    • The Relative Strength Index (RSI) is hovering around 65, suggesting the asset is not yet overbought.
  • Potential resistance:
    • The immediate resistance level lies around $64,000, which was tested and rejected recently.
    • A decisive break above this level could lead to further gains.
  • Support levels:
    • The first support level sits around $58,000, followed by the psychological level of $50,000.
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    Arslan Butt
    Index & Commodity Analyst
    Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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