Watch Bitcoin Price Hit $64,000 in Over 2 Years

Bitcoin's price surge since February 25th has continued to surge, and on February 29th, it hit $63,000 for the first time since November 2021. Reporting on CNBC website, the price of the main cryptocurrency was up nearly 6% at $60,356.75, according to data from Coin Metrics, previously hitting $64,000 briefly. before adjusting the reduction

Both bulls and bears have been affected by the strong price movements in the last 24 hours. Short-term settlements of $176 million and long-term settlements of $86.1 million occurred on centralized exchanges, according to CoinGlass data.

When traders use leverage to sell bitcoin and the price of the cryptocurrency increases, they buy bitcoin back from the market to close out the position. This drives prices up and causes more positions to be liquidated. Traders who bet on price increases must sell their assets to recoup their losses. with clear recording The market is therefore more motivated to see that level tested. Again, Bitcoin It's up nearly 20% this week alone. After a week-long pause from this year's rally, it is now up more than 40% for 2024.

Investors expect Bitcoin to set new records this year. Following the launch of ETFs, institutional investors have gained access to more asset classes. And with the upcoming network halving event This has in the past caused major increases in the coming months.