The price of the pioneering cryptocurrency went from USD 48,400 to USD 51,500. Bitcoin is still more than 10% below its all-time high above USD 58,000.
A correction close to 25% brought the price of Bitcoin down to USD 43,000, but it is now back above USD 51,000. Rising by more than 5% in just 24 hours, the price of the cryptocurrency seems to be seeking USD 52,000 again.
The fact that Bitcoin has reached USD 51,000 again confirms what has been going on since the beginning of the month. On March 1st, the pioneering cryptocurrency opened with a daily candlestick of almost 10% and closed very close to USD 50,000 per unit.
After falling slightly the next day, Bitcoin resumed the bullish movement and went up by around USD 3,000, according to data from TradingView. At the time of writing this article, the main cryptocurrency on the market is trading around USD 49,000.
In a few days, Bitcoin seems to have crossed the middle of the red candlestick of the previous week. In this way, it has recovered much of the correction that it underwent after four consecutive weeks in the green.
Despite that increase, the price of Bitcoin is still more than 10% below its all-time high. Just over a week ago, the first cryptocurrency exceeded USD 58,000, according to data from CoinGecko.
At the same time, most major altcoins accompany Bitcoin in its bullish momentum. Among the top 30, the only exceptions are Binance Coin (BNB), Cosmos (ATOM), Monero (XMR), and Solana (SOL). None of these pegged coins has fallen 2% in 24 hours, according to data from CoinMarketCap.
CBOE Contributes to Expected Bullish Cycle for Bitcoin
VanEck recently filed with the US Securities and Exchange Commission (SEC) the application for approval of the Bitcoin exchange-traded fund (ETF). The increase in the price of Bitcoin seems to coincide with the support that this request has received.
Exchange specializing in derivatives in Chicago Board Options Exchange (CBOE) applied with the SEC to list the Bitcoin ETF. With this, Bitcoin would have even more presence in regulated markets for institutional investors.
The upward movement seems to support the estimates that market analysts have made previously. They expected the cryptocurrency to regain an upward pace after the correction that gave the market some relief.
Willy Woo, a researcher renowned for his metrics on the Bitcoin blockchain, assessed that this bullish market is “just starting to heat up.” He said on Twitter that he remains optimistic about this bullish cycle as the number of Bitcoin users is increasing daily. The analyst had already predicted that Bitcoin would exceed USD 100,000 this year.
In line with that, Bitcoin miners recently started holding their coins after two months of selling more bitcoins than they were holding.
According to data from Glassnode, there began to be positive balances in miners’ addresses in the last days of February. This behavior could suggest further price increases, given that less Bitcoin is entering the market from mining.
Until now, it seems that Bitcoin will confirm what many researchers have predicted, with new all-time highs. However, Glassnode does not rule out that an even greater correction of the pioneering cryptocurrency could be yet occur.
By Alexander Salazar
