- After an approximately two-week hiatus, the world’s largest cryptocurrency, Bitcoin (BTC), surged today to over $57,000.
- On Monday, February 26th, while the S&P 500 closed 0.5% negative, Bitcoin experienced a significant upward trend with a striking 10% increase.
- Bitcoin has outperformed traditional assets like stocks and gold with its performance this year.
Bitcoin price exceeded the level of 57K dollars with a rapid rise at the beginning of the week; Spot Bitcoin ETFs in the US hit new records!
Bitcoin Price Surges to $57,000
After an approximately two-week hiatus, the world’s largest cryptocurrency, Bitcoin (BTC), surged today to over $57,000. At the time of writing, the Bitcoin price is trading at $56,486, showing a 9.62% increase, and its market cap is surpassing $1.1 trillion for the first time since 2021.
This significant surge in the Bitcoin price happened on a day when the S&P 500 was trading in the negative zone. While the S&P 500 closed 0.5% negative on Monday, February 26th, Bitcoin recorded a striking 10% increase in an upward trend.
This indicates that Bitcoin and the overall crypto market are starting to detach from stocks. Historically, the lack of a clear correlation between crypto markets and stock markets paved the way for the biggest bull runs for Bitcoin and altcoins.
Bitcoin has outperformed traditional assets like stocks and gold with its performance this year. The ratio comparing Bitcoin’s price to precious metals reached the highest level in over two years. While Bitcoin has continued its upward trend, increasing by 33% since the beginning of the year, this has also increased interest in altcoins like Ether and BNB.
Bitcoin ETFs Break New Records
Significant Bitcoin ETFs launched in the United States since January 11th have seen a total inflow of over $5.6 billion, indicating that interest in the token has expanded beyond dedicated digital asset enthusiasts. The approaching Bitcoin halving, known as the reduction of Bitcoin’s supply growth, contributes to the positive sentiments surrounding the cryptocurrency.
On Monday, nine BTC ETFs recorded a total all-time high transaction volume of $2.4 billion. Among these ETFs, only BlackRock’s IBIT had a transaction volume of over $1 billion. Additionally, Grayscale’s GBTC recorded its lowest outflow so far, at $22.4 million. This indicates a significant influx of institutional capital into Bitcoin ETFs, even though macroeconomic conditions seem somewhat uncertain.
On Monday, business intelligence firm MicroStrategy announced that it had purchased approximately 3,000 additional tokens this month. With this latest purchase, the company’s Bitcoin assets amount to around $10 billion. On the other hand, whale purchases have continued strongly over the past month, with more than 150 new addresses created, each holding over 1,000 BTC.
BTC has comfortably maintained its positions above the 50-day and 200-day EMAs, confirming bullish market indicators. Breaking the $57,000 resistance level will potentially strengthen an upward trend toward $60,000. The focus will be on BTC-spot ETF market flow data.
On the contrary, falling below $55,000 will bring the $53,000 support level into play. With a 14-day RSI reading of 80.05, BTC is in the overbought zone. Increased selling pressure is expected near the $57,000 resistance level.
