In February, Bitcoin experienced an almost 50% surge, marking its most significant increase since May 2019. The market is bustling with bullish activity, especially evident in the influx of investment into Bitcoin Spot ETFs, notably Blackrock’s IBIT. This surge reflects the sixth consecutive month of positive growth for Bitcoin, potentially signaling the onset of an altcoin season.
Did you know? The cryptocurrency industry has reached a staggering $2.44 trillion market cap, a milestone last observed in January 2022.
The increasing investments in Bitcoin ETFs are a key driver behind the recent price surge, igniting a broader market recovery across various sectors. Following the excitement surrounding AI, the NFT and DeFi realms are experiencing a resurgence as the rising Bitcoin price injects momentum into the market, suggesting a possible recovery rally.
Bitcoin is Ready to Hit ATH
February marks the second most bullish month for Bitcoin since 2013.
Bitcoin started the month at slightly above $42,500 and saw significant growth.
The monthly chart shows a large bullish engulfing candle, with Bitcoin trading well above $62,500.
Increased trading volume supports the uptrend, with the breakout of $60,000 indicating a longer upward trend.
Bitcoin is close to reaching a new all-time high, with 99% of holders currently in profit.
It is just 10% away from its previous all-time high.
If the uptrend continues beyond $69,000, the next significant stop could be at $72,289 according to trend-based Fibonacci levels.
Curious for more detailed insights? Dive deeper into the latest research report on Bitcoin's remarkable bullish turnaround at Coinpedia's website.
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