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Bitcoin Surges Past $72,500, Eyes $75K Amid Halving Buzz

Ian Pittman by Ian Pittman
1 year ago
Bitcoin Surges Past $72,500, Eyes $75K Amid Halving Buzz
  • Bitcoin surpasses $72,500, reaching a new record peak.
  • CME Bitcoin futures interest hits $10 billion, doubling since early 2024.
  • Spot ETFs for Bitcoin see $7.69 billion in trading volume.

Bitcoin , the most valuable cryptocurrency in terms of market cap, has reached a record peak, exceeding the $72,500 threshold. This important achievement follows a week of positive trends, as Bitcoin’s value climbed from $66,000 to its present trading value of around $71,947, representing a rise of 5%. The trading volume has experienced a significant 76% increase, attaining $64 billion, and the market capitalization has grown by 5%, reaching the $1 trillion mark.

The increase in value is primarily due to expectations surrounding Bitcoin’s fourth halving, which is expected to happen in about a month. Additionally, the rise is bolstered by an increase in institutional investment, as shown by the Chicago Mercantile Exchange (CME) noting an all-time high in open interest for its Bitcoin futures contracts, surpassing $10 billion. This represents a twofold increase in interest from the beginning of 2024, with the CME’s futures contracts comprising over 30% of the total investments in Bitcoin derivatives.

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The rally is also being driven by the introduction of spot Exchange-Traded Funds (ETFs) for Bitcoin, which have broadened Bitcoin’s accessibility to institutional investors. Since they were first introduced, these ETFs have seen a total trading volume of $7.69 billion, and as of March 8th, they are supported by Bitcoin holdings valued at approximately $9.59 billion.

Concurrently, information from Glassnode indicates a rise in Bitcoin possessions by whales (entities possessing a minimum of 1,000 coins), which have expanded by 6% since the beginning of the year. This accumulation pattern has played a role in the upward movement of Bitcoin’s value. Furthermore, approximately 60% of the large-scale positions on Binance were in favor of an increase, signifying a robust conviction among institutional investors regarding Bitcoin’s prospects for additional gains in value.

Bitcoin Poised for a Record-Breaking Rally?

During this period of change, evaluations of Bitcoin’s pricing trends indicate a positive outlook. The daily price chart reveals an upward trend, as the 9-day Exponential Moving Average (EMA) is situated beneath the current trading price of $68,066. Nonetheless, the daily Relative Strength Index (RSI) points to an overbought market, with a reading of 78.

Bitcoin Surges Past $72,500, Eyes $75K Amid Halving Buzz

Should the bulls gain control, BTC could potentially establish a new remarkable All-Time High, climbing beyond $75,000. On the other hand, if the bears dominate, it could decrease to $67,356 and then to $64,880.

Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.

Tags: BitcoinBTCETFHalving
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Ian Pittman

Ian Pittman

A professional reporter, an inquisitive and innovative individual who poses inquiries that others may shy away from. He is keenly interested in the metaverse, technological advancements, and NFTs.

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Bitcoin (BTC)
0.6%
$ 108,947.00
$ 653.68
⇣ 107,804.00
9 Jul
⇡ 109,011.00
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