Bitcoin’s rally on February 26 finally staged a breakout from its static trading range after over a week, while crypto fund inflows hit record levels.
After facing stiff resistance at $53,000 for several days, Bitcoin witnessed a sudden rally on February 26, surpassing $56,000. Bitcoin’s rally at this juncture is significant as it helped BTC’s monthly returns surge over 30%. At the same time, overall investor sentiments in the market may have also improved with the rally.
Experts are broadly crediting rising crypto fund inflows for Bitcoin’s rally. Moreover, a crypto market research firm also recently published its findings, which said, “Earlier in the week, total assets under management (AuM) peaked at US$68.3bn, the highest point since December 2021.”
Meanwhile, the report claimed the total AuM had peaked at around $87 billion in 2021. Similar trends may take over in 2024 as well, as the spot Bitcoin ETFs have persistently attracted inflows. Analysts also confirmed the ETFs had their daily trading volumes go over $2 billion.
During Bitcoin’s surge, short sellers of the crypto token experienced significant losses. Over $160 million in shorts saw liquidations during the past day. During the last 24 hours, other tokens also experienced positive returns. SOL hiked by more than 7%, while BNB, ETH, DOGE, and AVAX were also in the green. Ethereum’s weekly returns have fared at over 10%.
BTC/USD 1D price chart
Bitcoin is currently trading at around $56,000 on February 27, 2024, with BTC/USD trading higher by a margin of 9.9% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.1 trillion.
BTC/USD is trading higher than its 20-day EMA (48.752.12), as BTC’s 24-hour volume was at around $47.7 billion. The global crypto market cap increased by around 3.48%, trading above $2.06 trillion. BTC’s year-to-date returns are at 34.42%.
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