Bitcoin’s price action in the last two days has been broadly static over its support at $60,000, but the crypto bull market signals have continued.
Bitcoin ended the previous month with around 43% returns. The crypto market rally in recent months, led by BTC, has also seen no signs of an end. Moreover, analysts and experts are even more bullish with predictions for more price uptrends. Meanwhile, the crypto bull market signals are firm in the last two days, affirming all optimistic predictions.
For instance, Bitcoin bulls haven’t let bears take over and pull BTC below $60,000. At the same time, its market cap is comfortably trading at over $2 trillion. Analysts expect more upward price movements until the Bitcoin Halving event.
Prominent derivatives marketplace CME Group was also bullish on the crypto market’s prospects.
Giovanni Vicioso, a senior official of the group, said, “Since September, we have seen an uptick in Euro-denominated Bitcoin and Ether volumes, and we also continue to hear of growing customer interest, particularly in euro-denominated cryptocurrency products.”
Volumes in crypto derivatives trading have reached record highs recently. Options trading platforms had reported surging volumes with increased investor interest.
The rising inflows from the spot Bitcoin ETFs are also driving the crypto market rally. On the other hand, the changing market structure of crypto is an added advantage for new investors joining the crypto market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $61,700 on March 3, 2024, with BTC/USD trading lower by a margin of 0.35% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.21 trillion.
BTC/USD is trading higher than its 20-day EMA (51,562.73), as BTC’s 24-hour volume was at around $20.67 billion. The global crypto market cap decreased by around 0.22%, trading above $2.34 trillion. BTC’s year-to-date returns are at 49.38%.
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