Amidst Bitcoin’s impressive surge, reaching $57,000 for the first time since December 2021, the Middle East grapples with heightened tensions. Yet, as Israel’s conflict with Gaza unfolds, there’s a glimmer of hope as US president Biden optimistically anticipates a ceasefire by Monday. Let’s keep our fingers crossed that the momentum of Bitcoin’s movement can also be felt in the peace talks between Israel and Gaza.
Between February 15th and 25th, Bitcoin experienced minimal volatility, but in the past two days, buyers have staged a strong comeback, propelling BTC to reach the $57,000 mark.
Bitcoin has surged to a fresh yearly high of $57,000, marking its highest point in over two years. The bullish trend that kicked off in 2023 continues unabated, with Tuesday seeing nearly a 5% upswing following Monday’s 5%, driving this impressive move.
Several catalysts contribute to the renewed interest in Bitcoin, including the bitcoin halving, Ethereum’s upcoming tech upgrade, and the potential approval of spot Ether ETFs.
Blockworks reports that BlackRock’s iShares Bitcoin Trust (IBIT) witnessed record daily trading volumes on Monday, with over 42 million shares traded, valued at around $1.3 billion. This surge in trading volume marks a significant milestone for IBIT, surpassing its previous record set on its debut trading day. Bloomberg Intelligence analyst Eric Balchunas described Monday’s volumes for IBIT as “insane,” considering its recent launch and competitive market landscape.
From a technical analysis perspective, the BTCUSD 4HR chart has shown a bullish trend, with the price climbing from $42875.84 to its current level around $56352.55. An uptrend line, established from the low of $42875.84 on February 7th, 2024, acted as a significant support level, rejecting the price at $50942.82 on February 26th, 2024. Following this rejection, the uptrend resumed, pushing the price to a high of $57620.71 before retracing to $56352.55.
In trading terms, a break below the trendline suggests a potential further downward movement in price, while a break above the resistance level at $57620.71 indicates a likelihood of continued upward momentum in price.
Sources:
https://edition.cnn.com/2024/02/26/politics/hamas-demands-gaza-negotiations/index.html
https://www.google.com/amp/s/www.nbcnews.com/news/amp/rcna123932
Metatrader 4 BTCUSD 4HR Chart
