Bitcoin (BTC) Price Surges to $72,500 – Bullish Santiment Returns

Bitcoin (BTC) has yet again registered a significant price surge in anticipation of the upcoming halving event.

At current prices, Bitcoin has more than doubled its value since the close of 2023. Initially, the surge was attributed to the approval of spot Bitcoin ETFs by the U.S. SEC.

The ETFs significantly impacted the market, leading to a scarcity of BTC as they absorbed a substantial portion, causing a supply shortage.

Although Bitcoin’s price history has shown similar dips before halving events, often followed by a resumption of the upward trend, it appears that Bitcoin has already reached its lowest point in the recent pullback.

As we approach the day of the halving, Bitcoin seems poised to establish a new ATH.

At the time of writing Bitcoin is trading at $72,500 with a 4.6% surge in the past 24 hours and has a trading volume of around $32.7 billion. The pioneer cryptocurrency’s market cap reached the staggering $1.425 trillion.

Ethereum reached $3,644 after a 7.5% increase in the past 24 hours with a trading volume of over $437 billiona. With current prices Ethereum stands at a $15.6 billion market cap.

After the recent bullish surge, 173.7 million were liquidated from the crypto markets ($48.5 in long positions and $125.2 million in shorts).

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.