Bitcoin Price Historical Data Suggests Barriers For Further Surge
Highlights
- Bitcoin prices have surged to the $60K mark today.
- According to data released by Glassnode, there have only been 31 out of 4973 trading days when the daily closing price for Bitcoin has stayed above the $61,000 mark.
- Investors are now curious to understand how the trajectory for BTC might unfold in future.
Bitcoin prices have surged to the $60K mark today, indicating that the current bullish run is uplifting prices. The current upward surge in prices has taken place due to strong inflows of funds for Bitcoin ETFs. However historical data currently points out that there have only been a very few instances where Bitcoin has surpassed the $61K value. With less data to back further surge, the market is now questioning if the prices will fall or will the current bull run continue.
Bitcoin to Face $61K Barrier
According to data released by Glassnode, there have only been 31 out of 4973 trading days when the daily closing price for Bitcoin has stayed above the $61,000 mark. Even though the Bitcoin spot price is still moving quickly towards ATHs, there is still only a 0.62% chance that it will stay above that mark.
The data also shows that following a steep bull rally, historically prices for the OG-crypto currency have taken a downward trend.
With the #Bitcoin spot price continuing to accelerate towards ATHs, we note only 31 / 4973 (0.62%) trading days have recorded a higher daily closing price than the $61,000 level. pic.twitter.com/wY1qukf6Dt
— glassnode (@glassnode) February 28, 2024
Bitcoin ETFs Keep Prices Afloat
Spot Bitcoin ETFs are having a wonderful week so far; on Monday, they saw a $520 million inflow, and onglass node Tuesday, they saw another sizable inflow of $577 million. The enormous influx followed a $520 million inflow into the BlackRock iShares Bitcoin ETF, which helped to drive up the price of bitcoin to $60,000.
Based on data from BitMEX Research, spot Bitcoin exchange-traded funds (ETFs) saw a net inflow of $577 million (or 10,167.5 BTC) on February 27. With enormous trading volumes recorded by all nine spot Bitcoin ETFs, this was the highest influx until launch. But on Tuesday, Grayscale’s GBTC outflow surged once more, having fallen to $22.4 million the previous day.
Bitcoin Prices: Correction Ahead?
The price of BTC surged to $60,000, just a few fractions of the $68.6K peak set 27 months prior. $56,329 is the 24-hour low and $60,450 is the 24-hour high. At the press time, the biggest cryptocurrency was trading at a level of $60,406.77, up nearly 6% in the last 24 hours.
However, with the lack of data to support that this bull run could be sustained, investors are now curious to understand how the trajectory for BTC might unfold. After the recent spike in BTC prices, Daniel Yan, co-founder of the cryptocurrency services company Matrixport, also flagged a correction of approximately 15% that could be on the horizon by the end of April. But, with growing inflows each day, Bitcoin ETF growth could likely keep pushing the prices of the OG-crypto currency.
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