During the week from February 26 to March 3, Bitcoin showed strong growing dynamics against the backdrop of a number of positive factors. On February 26, after a series of purchases at the beginning of the American session, Bitcoin rose by 5.31% to $54,476. On February 27, the price tested the $57 thousand mark and set a local maximum at $57,073. During these two days, short positions worth more than $160 million were liquidated The growth in quotations was facilitated by significant volumes of purchases from institutional investors and record trading volumes of spot Bitcoin ETFs, in particular the fund from BlackRock. There was also a high level of optimistic sentiment in the market with expectations of further strengthening ahead of the halving in April 2024.
On February 28, the price of BTC rose sharply by 9.46% after a round of mass liquidations amounting to about $800 million. A new local maximum was set at $64 thousand. Trading volumes in Bitcoin ETFs again updated their historical maximum, exceeding $7.5 billion. On February 29 the price slightly adjusted downwards by 2.08% to $61,130, hitting the resistance zone of $64-64.5 thousand. However, in general, there are still high chances of updating the historical maximum of $69 thousand until mid-April. According to the technical picture, a strong upward trend remains on the weekly timeframes with periodic pullbacks on the daily chart to regroup the bulls. There was growing demand from institutions, optimistic sentiment among participants, and inflows into Bitcoin ETFs. On Friday, March 1, at the end of the day, the BTC/USDt pair recovered by 2.06%, to $62,387. Trading on the market was calm. On the hourly timeframe, a contracting triangle (trend continuation pattern) forms for a couple of days. Usually all trends in Bitcoin are a knight’s move.
On Sunday, March 3, Bitcoin (BTC) was trading at $61.8 thousand, its price has increased by almost 20% over the past week. Specialists from the investment company Astol Advaned Limited (Hong Kong) analyzed the market situation and assessed the prospects for Bitcoin exchange rate movements over the next seven days.
The rally has lasted six months in a row amid expectations for the launch of spot bitcoin exchange-traded funds (they were launched on January 11, 2024). It receives additional support from the upcoming halving, which is scheduled for April 21 (this date may change). Investors are pulling money out of tech and mining stocks. Spot Bitcoin ETFs bring a lot of money into the market. If the same demand remains after the halving, then with a limited supply of Bitcoin, the rally will continue to the psychological level of $100 thousand. It is the launch of spot ETFs that distinguishes this halving from previous ones. The price is trading at 12% of the historical high of $69 thousand. Analyzing the weekly and daily charts, we can say that Bitcoin is in a steady upward trend. There is no doubt that buyers will soon update their all-time high. According to BitRiver, the $69 thousand level is only a guideline for partial profit-taking and is not an important resistance for long-term investors to force them to exit BTC and turn the market around.
The traditional financial sector is still wary of highly volatile cryptocurrency assets. But its representatives will still open the doors to their clients into the world of cryptocurrencies, increasing demand primarily for Bitcoin and Ethereum (ETH). According to my calculations, Bitcoin will correct and then again update its highs until mid-2025. Bitcoin has demonstrated strong upward momentum this past week, driven by significant buying volumes from institutional investors, record trading volumes in spot Bitcoin ETFs, and high levels of optimistic sentiment among market participants. The price rose to a local maximum of $64 thousand. Despite local corrections, the overall technical picture and fundamental factors indicate a continuation of the bullish trend with the potential for growth to a historical maximum of $69 thousand in the coming month.
Meanwhile, Hong Kong stopped accepting applications for licenses from cryptocurrency exchanges on February 29 and will soon require all non-compliant trading platforms to close their business locally. The Securities and Futures Commission (SFC) of Hong Kong noted that all crypto exchanges in Hong Kong that have not applied for a license must cease operations by May 31, 2024. The Hong Kong SFC also urged investors using virtual asset trading platforms to “prepare in advance” and move to one of the players who have either already received or applied for operating licenses. The SFC officially licensed two crypto trading operators in Hong Kong: OSL Digital Securities on December 15, 2020 and HashKey Exchange on November 9, 2022. The regulator received license applications from 22 cryptocurrency trading platforms, including four exchanges that submitted applications.
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