Several factors contributed to this:

→ Effect associated with the approval of Bitcoin ETF. The media writes that investments in these financial instruments amount to about 9k bitcoins per day, and miners produce only 900 bitcoins per day. The total investment in the Bitcoin ETF after approval on January 11 is approaching USD 50 billion. By comparison, just over USD 90 billion is invested in the 19 largest gold ETFs.

→ Expectations that Ethereum ETFs will be approved in the future, simplifying access to investments in the second largest cryptocurrency by capitalization.

→ Expectations for the Fed to cut interest rates. Cheaper credit means greater appetite for investment in higher-risk assets.

→ Expectations for the halving (scheduled for April), after which a bull market usually begins.

In mid-February, we wrote that the price of Bitcoin did not show bullish progress after exceeding the psychological level of USD 50k per Bitcoin. Technical analysis of the Bitcoin chart shows that this was due to resistance (shown by the arrow) from the median line of the green ascending channel, within which the market has been developing since the fall of 2023. Yesterday's rise, which followed the breakdown of the psychological level of 60k US dollars per bitcoin, marked the upper limit of this channel just above 64k US dollars per bitcoin and made it possible to update its contours.

Now the upper limit of the green channel acts as resistance, it is possible that after an increase of +25% in 2.5 days from point A to point B, buyers will want to take profits — this confirms the fact of yesterday's bearish impulse, in which the price of Bitcoin dropped from USD 64k to USD 59k.

So it is safe to assume that the market is ready for consolidation. But if the extremely optimistic growth rate shown by the blue lines continues, the price of Bitcoin could reach an all-time high of USD 67.7k as soon as spring arrives.

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