- Bitcoin breaches $63,000 to trade just under 4% from all-time high.
- 2024 BTC trading patterns produced the Highest God Candle ever.
- 100% of current Bitcoin holders are making a profit at $66K.
Bitcoin’s (BTC) latest price movement resembles Q1 of 2021 when the king crypto paved the way for its all-time high (ATH) of $69,044.77 in November later that year. Scoring God Candles in February and October, the leading digital asset gained 36% and 26% per month, respectively.
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The third and latest God Candle even outshines the iconic run of 2021. In February 2024, Bitcoin scored a 27.25% upswing to rise to $63,999, a 3-year high after starting February with $42,580. This signifies an over $20,000 uptick in 30 days, the Greatest God Candle of all time, outweighing 2021 October’s God Candle by $2.5K.
After this, Bitcoin maintained the bullish momentum and today reached the daily heights of $66,353.63 after inking 6.6% further gains.
Bitcoin Completes Triangle Breakout: Where to Next?
Naturally, many crypto enthusiasts on X are eager to witness Bitcoin recording a new all-time high before its halving. Others project a continuing upswing if Bitcoin’s price movement replicates the 2021 bull rally. According to the BTC Archive, Bitcoin could set its eyes on $213,000 if BTC manages to set a new all-time high.
Crypto analysts believe the BTC price surge is tied to the high demand in derivatives trading. According to Emperor BTC, $3.87 billion of Open Interest (OI) volume has been added since Bitcoin broke out above the $52,000 price range.
In a bearish scenario, Bitcoin has a strong support cluster around the $55,000 price range. Meanwhile, crypto bears saw $72.55 million in short-position liquidations over the past 24 hours. According to CoinGlass, OKX traders are most bearish about Bitcoin, with a 0.95 long versus short position ratio. By popular demand, BTC’s Open Interest (OI) rate towered to $31.22B, 11.41% more than a day ago.
On the Flipside
- Other on-chain signals like network growth and large transactions remain bearish despite crypto bulls dominating the Spot market.
- To illustrate, buying bids for the top digital asset skyrocketed by 118.36% to claim $4.17B, while pending sells sharply dropped by 36% to $1.97B.
Why This Matters
Gaining institutional adoption, the Bitcoin ETF-inspired surge is going down in the history books for approaching its all-time high after a three-year hiatus.
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