Bitcoin is continuing its extraordinary run, smashing through $60k prior to the opening of the US market.
Bitcoin subsequently recorded a new year-to-date high of $60,807 before retracing to $60,140 as of press time. It soared 7% over the past 24 hours, adding to its gains from the start of the week. Since Monday, Feb. 26 the flagship digital asset is up 20% from $51,500.
Were Bitcoin to hold above $60,000 for more than 24 hours it would be only the second time it has closed a monthly candle above the key level. The only other monthly candle close was in October 2021, when it closed at $61,293. Thus, a 1.94% increase from the current level would see Bitcoin mark its highest monthly close in history.
The Bitcoin price surge can potentially be attributed to a supply squeeze due to the increased demand from spot Bitcoin ETFs in the US. Further, ‘smart money‘ has been accumulating Bitcoin alongside ETF inflows, leading to a perfect storm for a price surge.
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