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Home»ADOPTION NEWS»Bitcoin trading just below $55,000 for the first time since November 2022.
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Bitcoin trading just below $55,000 for the first time since November 2022.

By Crypto FlexsFebruary 26, 20243 Mins Read
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Bitcoin trading just below ,000 for the first time since November 2022.
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bitcoin BTC

+5.15%
Finally, for the first time in nearly 15 months, it was trading just a few dollars below $55,000.

The world’s largest cryptocurrency fluctuated around $54,900 shortly after 3pm ET on Monday (up nearly 6% in a day) before falling to $54,600 in the following hours, according to The Block’s pricing page. This is the highest since late November 2022, when Sam Bankman-Fried was still a free man.

This move is interesting considering the recent downward trend in Bitcoin spot volume. Rebecca Stevens, senior research analyst at The Block, noted that the 7-day moving average of Bitcoin spot volume has been trending downward since February 15th, when Ethereum spot volume began to increase.

CME hedge fund short-term open interest in the futures market is at an all-time high of about $3.83 billion, according to the Commodities Futures Trading Commission. However, long-term open interest (ETF) held by asset management companies also reached a record high of $3.58 billion.

“Both previously hit record highs in the week of spot Bitcoin ETF approval and have moved in line with BTC price action, but this means institutional Bitcoin betting has not really scaled back since launch,” Stevens said. .

technical take

According to technical analysts, Bitcoin has been in a downward trend since at least October 2023, when its 50-day moving average exceeded its 200-day moving average. At the time, the price of Bitcoin was trading at $30,000. So for those taking that as a signal, the stock would have risen over 80% since then.

Meanwhile, some technical analysts are predicting a decline.

“On-chain data and Bitcoin price charts indicate a possible Bitcoin price correction in the coming weeks,” data firm CryptoQuant wrote in a blog post on Sunday. The company’s analysts base their predictions on a metric they call “Short Holder SOPR,” short for “Spending Output Profit Ratio,” which is the ratio of the current value of Bitcoin sold divided by its value at the time of acquisition. “Bitcoin is likely to fall to the $48,000 level,” CryptoQuant concluded.

According to The Block’s price page, as of 4:46 PM ET, Bitcoin is trading at $54,622, up 5.6%, while the GMCI index is up 3.8% in 24 hours to 120.16.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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