Bitcoin’s recent surge to over $62,000 has captivated crypto enthusiasts and surprised sceptics alike, marking a period of exponential growth. The rally witnessed in February even set a record, representing the longest monthly green candle in Bitcoin’s history. Despite this remarkable rise, several key factors and upcoming events suggest that this may just be the beginning of a significant bull run with further potential gains. One critical factor is the upcoming Bitcoin halving scheduled for April of this year. According to data from on-chain analytics firm Glassnode, withdrawals from Bitcoin exchanges amounted to approximately $2 billion on March 1 alone, highlighting the increasing interest and activity surrounding the asset.
At the time of writing BTC was trading at $63,524.
Bitcoin after taking multiple supports at $40,000 resumed the up move and rallied up to $52,985. The asset was facing stiff resistance at $52,000 and started consolidating between $52,000 and $50,000. Post this move, BTC finally gave a breakout above the range and surged up to $6,248. The asset has a strong resistance at $64,000 and at $69,000 and to further rally it needs to break, close and sustain above these levels. $52,000 and $56,000 will act as a strong support for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $52,000 | $56,000 | BTC | $64,000 | $69,000 |
