Bitcoin breaks $60k, now solely 2% from highest month-to-month shut in historical past

Bitcoin is constant its extraordinary run, smashing via $60k previous to the opening of the US market.

Bitcoin subsequently recorded a brand new year-to-date excessive of $60,807 earlier than retracing to $60,140 as of press time. It soared 7% over the previous 24 hours, including to its good points from the beginning of the week. Since Monday, Feb. 26 the flagship digital asset is up 20% from $51,500.

Had been Bitcoin to carry above $60,000 for greater than 24 hours it will be solely the second time it has closed a month-to-month candle above the important thing degree. The one different month-to-month candle shut was in October 2021, when it closed at $61,293. Thus, a 1.94% enhance from the present degree would see Bitcoin mark its highest month-to-month shut in historical past.

The Bitcoin worth surge can doubtlessly be attributed to a provide squeeze as a result of elevated demand from spot Bitcoin ETFs within the US. Additional, ‘good cash‘ has been accumulating Bitcoin alongside ETF inflows, resulting in an ideal storm for a worth surge.

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