Check Today's Crypto Market:
Bittime -The price of Bitcoin (BTC) today surged above $59,000 on Wednesday morning (28/02), rising 5% in the last 24 hours and reaching a market capitalization of $1.2 trillion. The price increase comes asBitcoin Exchange-Traded Fund (ETF)recorded more than $3 billion in trading volume on Tuesday, contributing to increased demand. Some traders also highlighted theBitcoin halvingexpected to occur in April as a new narrative fueling the rally before the moment comes.
Price Surge in the Cryptocurrency Market and Futures Liquidation
Quoting the Coindesk page, the CoinDesk 20 Index (CD20) as a whole jumped almost 3%.
Coinglass data shows that futures bets on lower Bitcoin prices saw $25 million in liquidations since early morning in Asia, which may have also contributed to the price spike.
Meanwhile, CoinGecko data shows that crypto assets such as ether (ETH), Solana's SOL, and XRP have also increased by up to 3% since morning in Asia.
Today's Bitcoin Price Analysis and Prospects Before the Halving
Before the Bitcoin halving event, which is scheduled to take place in April, several analysts have observed an upward trend in prices.
They point out that typically, several months before the halving, Bitcoin prices tend to increase as investors speculate on a decrease in the new supply of Bitcoin to the market.
Assuming demand remains stable or even increases, this could create upward pressure on prices.
From a technical analysis perspective, the Bitcoin price chart shows the formation of a consolidation pattern in recent weeks. However, with a breakout above the $59,000 level, it can be considered a bullish signal indicating a potential continuation of the uptrend.
Momentum indicators also suggest strong buying strength, providing additional support to the price upside prospects.
Also check:
Bitcoin Fear and Greed Index Hits Highest Level
The fear and greed index, which measures the degree of change in an asset's movement relative to its underlying fundamentals, read 82 on Wednesday – signaling extreme greed and hitting its highest level in more than a year.
This index is rated on a scale of 0-100, with 0 being the most fearful and 100 being the most greedy. Despite this, traders remain undeterred, with some of them hoping that Bitcoin will return to its previous peak of $69,000 in March.
Check Crypto Prices Today:
So, is it too late to buy Bitcoin (BTC) today?
When considering an investment, it is important to pay attention to several factors. First, the price of Bitcoin and the cryptocurrency market in general is highly volatile, meaning prices can change rapidly in a short period of time. Second, investing in cryptocurrencies such as Bitcoin carries significant risks, including price volatility risks and digital security risks.
Even though the price of Bitcoin has currently reached high levels, some investors still see it as an attractive asset because of its long-term growth potential. However, it is important to remember that every investment decision should be based on careful research of the market, an understanding of the risks involved, and an investment plan that suits your goals and risk tolerance.
If you feel that you have done enough research, understand the risks involved, and have an investment plan that suits your financial situation, then you can consider buying Bitcoin today.
However, it is always wise to consult a financial professional before making any investment decisions.
How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with market pairs BTC/IDR and BTC/USDT. To be able to buy BTC IDR and BTC USDT on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
How does the Bitcoin Virtual Machine work and what are its benefits?
Bitcoin Futures and Bitcoin Options: Bitcoin Financial Contracts, What's the Difference?
Mining Bitcoin vs Validating Bitcoin Transactions
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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