Bitcoin (BTC) has made a remarkable comeback, reaching new heights and breaking through the US$57,000 barrier on February 27. This surge marks a significant recovery for the largest cryptocurrency, with the price reaching levels not seen since November 2021.
At the time of writing, Bitcoin was trading at US$56,521.70, marking a 10.5% increase in the last 24 hours. The cryptocurrency recorded a trading volume of US$52,373,716,274 during this period, and has appreciated 8.4% in the last seven days.
Specialist cryptocurrency analysis platform Santiment noted that Bitcoin has reached a market value of up to $57,250, which is 19.9% of the high it set 27 months ago. Traders’ interest in Bitcoin is currently very high, as altcoins have taken a temporary backseat.
The platform warned investors to keep an eye on negative stories circulating, particularly involving Bitforex stopping user withdrawals without warning, following suspicious activity involving withdrawals of US$56.5 million from hot wallets.
On February 26, Bitcoin saw a jump above the $53,000 zone, fueled by the start of ETF trading. This upward movement brought Bitcoin close to the US$54,000 mark, with the price reaching the US$53,650 zone.
The $53,000 resistance has been a robust obstacle, despite multiple breakout attempts, while support around US$50,500 has proven its solidity. The market’s psychology is influenced by factors such as Grayscale exits, generating speculation about their future impact.
It’s important to note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.