Wall Street suddenly reports big news! Bitcoin surged past 64,200, and Ethereum reached a high price of 3,400
On Monday (March 4), Bitcoin rose strongly in the early morning of the Asian session, breaking through $64,200 to hit a new high this year, and Ethereum reached $3,400 in one fell swoop. Intel has launched the next-generation Bitcoin mining chip BMZ2, setting a new standard for efficiency with its energy-saving, high-performance ASIC chip.
As Bitcoin once again exceeded US$64,000, according to CoinGlass data, in the past 24 hours, the entire cryptocurrency network liquidated more than US$330 million, and more than 131,000 people were liquidated.
Bitcoin technical analysis: profitability reaches 97% for first time in two years
According to data from the cryptocurrency on-chain analysis platform Into The Block, at the current value level, there are currently 50.62 million Bitcoin addresses in operation. This large number represents more than 97% of all addresses. Notably, the last time holders noticed this profit was in November 2021, when the price of Bitcoin was around $69,000, near all-time highs.
It is worth noting that the performance of the market over the past few months has allowed Bitcoin to continue to perform its tremendous functions. Just last month, 91% of addresses generated revenue. Despite some sporadic selling and some profit-taking by traders trying to break off trades, addresses' share of revenue continues to grow, as huge profitability means the pressure now won't have a major impact.
The surge in value may be attributed to increased mainstream adoption in traditional investments, led by Bitcoin spot ETFs, which in turn has ushered in a new holding mentality. In February, 69,244 Bitcoins worth more than $3.6 billion were withdrawn from cryptocurrency exchanges.
It’s worth noting that those who profited the most were essentially those who held Bitcoin for the long term. According to Into The Block data, traders who have held their holdings for more than 12 months own 13.6 million Bitcoins.
Still, new traders can wait for continued gains in value as Bitcoin encounters few resistances on its path. But only 0.37% of addresses, or 193,000, are still ready to earn revenue at current values.
Most advisors remain optimistic about Bitcoin's value potential in 2024, and with the bull market in full swing, many businessmen and cryptocurrency analysts believe Bitcoin will continue to reach new all-time highs in 2024.End-12-month value targets range from $100,000 to $300,000 per Bitcoin.
Ethereum technical analysis: Price could regain November 2021 highs
FXStreet’s Lockridge Okoth said that Ethereum has now surpassed the 50% Fibonacci retracement level at $2,684.92 after the November 2023 bull run rebounded above the psychological level of $2,000.
With momentum still rising, Ethereum is likely to extend gains above the $3,602.43 block before extending to a local top near $4,485.32. A weekly candlestick close above $3602.43 will pave the way for further gains.
In a highly bullish scenario, the largest altcoin by market capitalization could reclaim the range high of $4,868. This move would represent a 30% upside from current levels.
Bulls in the Ethereum market continue to be in good shape, as evidenced by the large number of green histogram bars of the oscillator AO being in positive territory, although Ethereum is heavily overbought and may favor a move higher.
On the other hand, if the $3,602.43 level holds as resistance on the weekly time frame, Ethereum price may retest the midpoint of the market range at $2,684.92, with a breakout and close below this level invalidating the bullish thesis.
