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Bitcoin continued its upward trajectory on Wednesday, surpassing the $63,000 mark for the first time since November 2021.
Investor Sentiment
The flagship cryptocurrency witnessed a nearly 6% increase, reaching $60,356.75, as reported by Coin Metrics. Although it briefly touched $64,000 before retracing, it remains close to its all-time high of $68,982.20.
Amidst these sharp price movements, bullish and bearish traders experienced significant liquidations, with $176 million in short liquidations and $86.1 million in long liquidations occurring across centralized exchanges within the past 24 hours, according to CoinGlass.
Traders utilizing leverage to short Bitcoin faced challenges as the price surged, leading to buying pressure to cover positions and subsequent liquidations. Conversely, traders betting on price increases had to sell assets to mitigate losses.
With the record-breaking milestone within reach, the market has shown heightened enthusiasm for retesting this level.
According to CNBC, Bitcoin has surged nearly 20% this week alone, marking a significant uptrend after a temporary halt in the year's rally. Its 2024 gains now exceed 40%.
Antoni Trenchev, the co-founder of crypto exchange Nexo, anticipates resistance as Bitcoin approaches $69,000. However, he believes surpassing $60,000 will attract sidelined investors, particularly retail investors whose interest in crypto has rebounded this month after a brief pause in January, according to JPMorgan.
Anticipated Milestones and Market Dynamics
Investors are optimistic about Bitcoin's potential to set new records this year, driven by the accessibility of the asset class to institutional investors through ETF launches and the upcoming halving event.
The halving, integral to the Bitcoin code, halves the bitcoin mining reward to limit the supply. The next halving is expected in April, historically preceding significant rallies in the months following.
Cointelegraph reports that options analysts are dismissing claims that the price move is overextended, asserting their belief that the ongoing Bitcoin price rally has substantial potential.
Bitcoin's surge initially boosted bitcoin-related equities, with Microstrategy jumping 10.5% and Marathon Digital rising 2.4%. Block, which operates a bitcoin trading service, also experienced gains. However, Coinbase saw a reversal in gains as users reported zero balance errors and trading issues, closing higher by 0.8%.
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