Bitcoin Breaks Another Milestone As It Surges Past $60K: Insights From On-Chain Metrics On BTC Price

When the price of BTC surpassed $50,000, the expectation was that it would take several months for Bitcoin to reach the $60,000 mark. Contrary to these expectations, continuous buying demand has quickly altered this sentiment. Merely two weeks after crossing the $50,000 milestone, Bitcoin’s price has now soared beyond $60,000, marking a historic moment in the market. This significant price increase follows a series of bullish developments and on-chain metrics.

Bitcoin’s $60K Surge Triggers $15 Million Liquidation In An Hour

Bitcoin’s price has triumphantly breached the $60,000 mark following an exceptionally bullish February. During this period, the market leader surpassed all predictions, continuing its rally at a point when prices are typically anticipated to decline in anticipation of the upcoming halving event. The last time Bitcoin traded near this level was in 2021.

Over the last 24 hours, the crypto market has witnessed a substantial rise in liquidations, with Coinglass data showing that total liquidations have surpassed $300 million. Notably, in the span of just one hour, nearly $15 million worth of short positions were wiped out from the Bitcoin market. During this upward movement, Bitcoin saw around $21 million in liquidations in the last four hours. Additionally, leading altcoins, including Ethereum, achieved their peak values after several years.

Also Read: Bitcoin Testing the Final Resistance Before the ‘ATH’: When Will the AltSeason Begin?

According to IntoTheBlock data, the percentage of profitable addresses has surged past 95%, marking a three-year high. Furthermore, there’s been a noticeable uptick in interest from whales towards Bitcoin, as seen by the doubling of large transaction volumes, which is at 1.2 million BTC.

IntoTheBlock

Institutional investors have played a key role in driving Bitcoin’s performance over the past day. On Tuesday, BlackRock’s IBIT spot bitcoin exchange-traded fund witnessed a surge in daily inflows, reaching $520.2 million as bitcoin’s price continued to soar.

These inflows marked a 5% increase over the previous record of $493.1 million set on February 13, surpassing the combined total net inflows of $519.8 million for all U.S. spot bitcoin ETFs on Monday, as reported by BitMEX Research. The total netflow was $576 million on 27 February, showcasing the rising demand of BTC among big players.

What’s Next For BTC Price?

Bitcoin’s upward trajectory continues as it targets ATH after hitting the $60K milestone. Despite a slight setback near $60K for a market cool-off, expectations are high for surpassing the ATH soon as the price continues to break above resistance lines. Currently, Bitcoin’s price stands at $61,199, marking a 6.9% increase from yesterday.

The trend is further supported by rising moving averages and the Relative Strength Index (RSI) indicating an overbought condition, suggesting a buyer-dominated market momentum. Breaking above $64.3K could signal the beginning of a rally towards its ATH.

However, bears are under pressure to drive the price below the moving averages to counter this trend, potentially sending Bitcoin back to its $53K breakout level.

If BTC price remains above moving averages, the momentum is likely to favor the bulls, potentially establishing strong support.

Overcoming the immediate Fibonacci resistance levels could lead to further gains, though the $69K mark may see strong defense from sellers. Conversely, a pullback to $53,000 could result in a consolidation phase.

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