{"id":580948,"date":"2024-02-28T13:00:21","date_gmt":"2024-02-28T13:00:21","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=580948"},"modified":"2024-06-11T07:51:31","modified_gmt":"2024-06-11T07:51:31","slug":"bitcoin-59000-pre-halving-rally","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/bitcoin-59000-pre-halving-rally\/","title":{"rendered":"Bitcoin Crosses $59,000 In Surprise Pre-Halving Rally"},"content":{"rendered":"

The Bitcoin price has now successfully crossed the $59,000 level<\/a> after an incredibly bullish month of February. The market leader has also barreled ahead of all expectations during this time as well, continuing to rally at a time when prices are expected to crash ahead of the next halving.<\/p>\n

Institutional Investors Drive Bitcoin Price Higher<\/h2>\n

One of the major drivers behind the Bitcoin performance over the last day has been institutional investors<\/a>. These investors have continued to take advantage of the opportunities provided by the Bitcoin Spot ETFs<\/a> approved by the Securities and Exchange Commission (SEC) in January.<\/p>\n

Related Reading: Can Ethereum Touch $4,000? Crypto Analyst Says ETH Rally Far From Over<\/a><\/div>\n

While there have been outflows from the Grayscale Bitcoin Trust due to concerns about high fees, the inflows have not slowed. On Tuesday, Bloomberg Analyst James Seyffart revealed that Spot ETF inflows rose once again<\/a>, to cross $400 million in a single day.<\/p>\n

In the same vein, the trading volumes have been on the rise. With demand soaring, volumes crossed $2 billion on Tuesday and it is the second time in a month that it has crossed this figure. This rise in both inflows and trading volumes shows a willingness among institutional investors to take positions in Bitcoin.<\/p>\n

Fidelity Investments, one of the issues of the many Spot Bitcoin ETFs available for trading in the market, also recently encouraged investors to put a small portion of their portfolios in Bitcoin<\/a>. According to the asset manager, a portfolio allocation of 1-3% in Bitcoin is ideal at this point.<\/p>\n

Now, while a 1-3% allocation may seem small to the average investor, it is quite large when it comes to institutional investing. These portfolios are often made up of billions of dollars, and even a 1-3% allocation could work out to hundreds of millions of dollars being funneled into Bitcoin.<\/p>\n

BTC Dominance Not Budging<\/h2>\n

While the price of Bitcoin has rallied in the last week, expectations are that Bitcoin will begin to consolidate and then give way to altcoins. However, the BTC dominance over the crypto market remains quite high, suggesting that the time for altcoins<\/a> may not be here yet.<\/p>\n

Related Reading: Crypto Analyst Predicts Dogecoin Parabolic Breakout Above $3.5, Here\u2019s When<\/a><\/div>\n

Presently, the BTC dominance is sitting at 54.1% after seeing a local peak of 54.4%.\u00a0 <\/span>This shows that Bitcoin is still leading the entire market by a large margin, and until this dominance subsides, Bitcoin will continue to lead the rally while altcoins<\/a> lag behind.<\/p>\n

For now, the bulls are focusing on maintaining support at $59,000, giving it a bounce point toward $60,000. With the previous all-time high at $69,000, the BTC price<\/a> needs a less than 20% move from here to reach a new all-time high.<\/p>\n

\"Bitcoin<\/p>\n

BTC bulls push price above $59,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from CBC, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin price has now successfully crossed the $59,000 level after an incredibly bullish month of February. The market leader has also barreled ahead of all expectations during this time as well, continuing to rally at a time when prices are expected to crash ahead of the next halving. Institutional Investors Drive Bitcoin Price Higher One of the major drivers behind the Bitcoin performance over the last day has been institutional investors. These investors have continued to take advantage of the opportunities provided by the Bitcoin Spot ETFs approved by the Securities and Exchange Commission (SEC) in January. Related Reading: Can Ethereum Touch $4,000? Crypto Analyst Says ETH Rally Far From Over While there have been outflows from the Grayscale Bitcoin Trust due to concerns about high fees, the inflows have not slowed. On Tuesday, Bloomberg Analyst James Seyffart revealed that Spot ETF inflows rose once again, to cross $400 million in a single day. In the same vein, the trading volumes have been on the rise. With demand soaring, volumes crossed $2 billion on Tuesday and it is the second time in a month that it has crossed this figure. This rise in both inflows and trading volumes shows a willingness among institutional investors to take positions in Bitcoin. Fidelity Investments, one of the issues of the many Spot Bitcoin ETFs available for trading in the market, also recently encouraged investors to put a small portion of their portfolios in Bitcoin. According to the asset manager, a portfolio allocation of 1-3% in Bitcoin is ideal at this point. Now, while a 1-3% allocation may seem small to the average investor, it is quite large when it comes to institutional investing. These portfolios are often made up of billions of dollars, and even a 1-3% allocation could work out to hundreds of millions of dollars being funneled into Bitcoin. BTC Dominance Not Budging While the price of Bitcoin has rallied in the last week, expectations are that Bitcoin will begin to consolidate and then give way to altcoins. However, the BTC dominance over the crypto market remains quite high, suggesting that the time for altcoins may not be here yet. Related Reading: Crypto Analyst Predicts Dogecoin Parabolic Breakout Above $3.5, Here\u2019s When Presently, the BTC dominance is sitting at 54.1% after seeing a local peak of 54.4%.\u00a0 This shows that Bitcoin is still leading the entire market by a large margin, and until this dominance subsides, Bitcoin will continue to lead the rally while altcoins lag behind. For now, the bulls are focusing on maintaining support at $59,000, giving it a bounce point toward $60,000. With the previous all-time high at $69,000, the BTC price needs a less than 20% move from here to reach a new all-time high. BTC bulls push price above $59,000 | Source: BTCUSD on Tradingview.com Featured image from CBC, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":581748,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,89462,6848,1119,89185,1122,1144,78790],"class_list":["post-580948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-performance","tag-bitcoin-price-prediction","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Crosses $59,000 In Surprise Pre-Halving Rally<\/title>\n<meta name=\"description\" content=\"The Bitcoin price has now successfully crossed the $59,000 level after an incredibly bullish month of 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/www.ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Crosses $59,000 In Surprise Pre-Halving Rally","url":"http:\/\/www.ktsl888.com\/news\/bitcoin-59000-pre-halving-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.ktsl888.com\/news\/bitcoin-59000-pre-halving-rally\/"},"thumbnailUrl":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/02\/Bitcoin-price-Small.jpeg?resize=200%2C180","image":{"@type":"ImageObject","url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/02\/Bitcoin-price-Small.jpeg?fit=320%2C180"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","bitcoin price performance","bitcoin price prediction","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-02-28T13:00:21Z","datePublished":"2024-02-28T13:00:21Z","dateModified":"2024-06-11T07:51:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Crosses $59,000 In Surprise Pre-Halving Rally\",\"url\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/bitcoin-59000-pre-halving-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/bitcoin-59000-pre-halving-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Bitcoin-price-Small.jpeg?resize=200%2C180\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Bitcoin-price-Small.jpeg?fit=320%2C180\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bitcoin price performance\",\"bitcoin price prediction\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-02-28T13:00:21Z\",\"datePublished\":\"2024-02-28T13:00:21Z\",\"dateModified\":\"2024-06-11T07:51:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/02\/Bitcoin-price-Small.jpeg?fit=320%2C180","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/580948"}],"collection":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/comments?post=580948"}],"version-history":[{"count":0,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/580948\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media\/581748"}],"wp:attachment":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media?parent=580948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/categories?post=580948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/tags?post=580948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}