- March 4, 2024
- Posted by: legaleseblogger
- Category: Related News
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Bitcoin Price Soars to $65,000!
The Bitcoin price has surged to an all-time high of $65,000, surpassing the previous milestone of $64,300 within just a few hours. Despite a brief bearish attempt to keep the prices below $64,000, the bulls quickly responded and lifted the levels back above the newly formed resistance. The path towards the all-time high (ATH) now appears to be clear, but a massive supply crunch is looming in the markets, delaying further price action.
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The Bitcoin narrative has evolved rapidly from levels around $32,000 following the resolution of the ‘SEC drama’. While many believed that the ETF did not have a significant impact on BTC’s price in the short term, the long-term repercussions have become evident with the recent price surge. Spot ETFs have been experiencing substantial trading volumes, with a record $7.64 billion worth of BTC traded on February 28, 2024.
According to Glassnode data, exchanges are facing a scarcity of both BTC and ETC, along with applications that previously facilitated Bitcoin purchases. The balances on exchanges have reached historic lows, indicating a significant depletion of available Bitcoin in the market.
Furthermore, Cash App, a popular mobile payment service platform offering Bitcoin and other crypto services, is facing a shortage of supply. Reports suggest that the platform has run out of BTC to sell, signaling a significant supply shock in the crypto space. Additionally, with the upcoming halving of Bitcoin mining rewards in April, the supply crunch is expected to intensify as new BTC issuances will be halved.
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As a result, meme coins are experiencing rapid surges in value while top altcoins remain relatively stable. Bitcoin’s price seems to have entered a halving phase, indicating a potential price increase that could push levels beyond $70,000 before the halving event. Despite minor resistance levels, the prices are expected to remain elevated, paving the way for a continued bullish trend in the market.
It is increasingly evident that the Bitcoin (BTC) price rally towards $100,000 is well underway, with bulls aiming to propel the levels even higher.
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