Bitcoin set for biggest monthly gain since 2020

Bitcoin Surges: Bitcoin briefly touches $64,000, the highest since November 2021, rallying nearly 20% in a week, up over 40% for 2024.

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Price Movements Impact: $176M in short liquidations and $86.1M in long liquidations in the past 24 hours, causing volatility.

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Market Motivation: Investors eyeing the all-time high of $68,982.20, expecting a new record in 2024 with increased accessibility and upcoming halving event in April.

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Leverage Impact: Traders using leverage contribute to sharp price movements. Short liquidations result in buying back bitcoin, driving prices higher.

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Retail Investor Interest: Antoni Trenchev anticipates resistance at $69,000 but suggests breaking $60,000 could attract retail investors who paused the rally this year.

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Institutional Involvement: Interest in crypto rebounds among retail investors in February, especially after the launch of U.S. spot bitcoin ETFs.

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Supply and Demand Dynamics: Tightening supply with increasing demand drives prices higher. New U.S. bitcoin ETFs average $195M daily inflow in February.

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Halving Event Impact: Bitcoin's upcoming halving event in April reduces mining rewards, expected to limit supply and historically precedes a major rally.

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Bitcoin-Related Equities: Initially boosted by Bitcoin's surge, stocks like MicroStrategy and Marathon Digital gain, but some gains retract as cryptocurrency pulls back.

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Coinbase Issues: Coinbase users report zero balance errors and trading problems. Despite issues, Coinbase closes higher by 0.8%.

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