In February, the value of bitcoin (BTC) increased by more than 17%. It has soared 22% since January 2024, according to Bloomberg news agency.
On Wednesday night, BTC briefly climbed above $52,000 for the first time since early December 2021.
However, it failed to break resistance in the area and the cryptocurrency began to retreat. At the time of publishing this review, it was trading at $51,654.
Ether (ETH) and Binance Coin (BNB) added about 4% over the past day and reached $2763 and $334, respectively. Dogecoin (DOGE) jumped 6% to $0.086.
IG Australia Pty analyst Tony Sycamore said that such a rapid rise could lead to negative consequences. In the event of a massive sell-off, the cryptocurrency could find a bottom at the $30,000 level.
The return of the bearish trend is also allowed by Orbit Markets co-founder Caroline Mauron.
She reminded that the rally has lasted for four months. Before the halving of BTC, the market may collapse. However, at the end of spring, the bulls will again start pushing the digital currency up, and it can break the record of two years ago.
Recall, in November 2021, BTC was closely approaching $69,000 after the launch of crypto futures ETFs in the U.S. market.