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By Olivia Brooke - March 4, 2024
February has kicked off bullishly for Bitcoin and the broader crypto market. The Apex cryptocurrency has crossed the $60,000 price market for the first time in three years, and the stakes have even increased.
Despite market observers understandably expressing concerns over the possibility of a temporary bull rally, on-chain data is stating otherwise.
According to on-chain metrics shared by Santiment, Bitcoin’s position is backed by a notable increase in network activity depicted in on-chain and whale transaction volume.
As Santiment reported,
“Justifying Bitcoin’s historic run to a $64K high today, on-chain activity on crypto’s top network has already exceeded levels not matched since 2022. $35.37B in unchained transaction volume, 283K unique tokens moved, and 3,661 $1M+ whale transactions.”
These metrics strengthen Bitcoin’s current position as the asset sits above $65,000 and prepares to test new yearly resistance levels. Notably, Bitcoin climbed to as high as $65,257 before it retracted downward to sit at the current price level four hours after the bullish upclimb. The asset’s most recent price movement marks a close in the gap within 7.2% of Bitcoin’s $68,700 all-time high recorded on November 10th, 2021.
The cryptocurrency market is also recording another promising trend pattern, as it continues to surge without correlating with the S&P500 and the equities market. As Santiment asserted, the movement has historically been regarded as a strong validator that the cryptocurrency sector is in a confirmed bull market.
Market players have maintained that the Bitcoin Spot market largely fuels the rally. Since the approval of 11 Bitcoin Spot applications, the Bitcoin market has seen an increase in inflows, with nearly $600 million recorded last week. Courtesy of the new U.S. spot Bitcoin ETF, year-to-data inflows for crypto funds have now surpassed $5.7 billion.
In the long-term, Bitcoin analysts have maintained collective optimism, with the majority predicting that demand for Spot Bitcoin ETFs could trigger a long-term rally for Bitcoin, and potentially send it to the $100,000 price level; a highly anticipated price point amongst community members and investors.
Meanwhile, at press time, Bitcoin bulls have managed to sustain the bullish momentum. After placing Bitcoin above the $65,000 price level for more than 48 hours, daily and monthly gains have crossed 52%. The apex cryptocurrency is trading for $65,280 at report time.
DISCLAIMER
The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
The original article written by Olivia Brooke and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe
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