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Why Is Bitcoin Up Today?

Simon Osuji by Simon Osuji
February 14, 2024
in Business
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Why Is Bitcoin Up Today?
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The leading cryptocurrency of all time, Bitcoin, is finally gaining its lost momentum back. The crypto is up 2.77% in the last 24 hours, breaching the highly anticipated $50,000 mark. 

After encountering a tumultuous start at the beginning of the year, the latest stats concerning BTC look green and bullish. However, why is Bitcoin rallying in green today? 

Also Read: US Economy Dubbed the Most Robust Among Competitors

What’s Making Bitcoin To Rise?

Microstrategy Scoops up 301 Bitcoin for $5.7 Million
Source: MARCA

In the early hours of Wednesday morning,  Bitcoin was trading at $50,000, a highly anticipated benchmark that crypto enthusiasts had been longing to witness for a very long time.

However, an explosion or influx of funds pushed BTC to cross the threshold of $51,000. The sudden change left millions of short positions liquidated. 

Also Read: US challenges Saudi Arabia and Russia in Crude Oil Production

Per the data from Coinglass, in the last hour, the total number of short liquidations exceeded $33 million, whereas the long liquidations were merely $400K. 

Following Bitcoin’s lead, other major altcoins, including Ethereum, Doge, and Shiba Inu, followed suit, trading at $2,750, $0.08314, and $0.000009637, respectively. 

Celebrating the BTC winning streak, Bitcoin enthusiasts on X celebrated the cryptocurrency’s V-day ascent with great joy and happiness. 

📊 Traders appear to be in quite a battle around #Bitcoin‘s $50K market value. When it comes to these psychological support levels, the level of crowd #FOMO or #FUD plays a major role in whether that value ultimately is exceeded for the long term. We see that $55K

(Cont) 👇 pic.twitter.com/f0eRdIw5zm

— Santiment (@santimentfeed) February 14, 2024

Also Read: If Shiba Inu Burns 100 Trillion Tokens a Year, Will It Reach $0.01?

Will Valentine’s Day’s Be Bullish?

The cryptocurrency world is full of exciting surprises, concepts, and notions. One such popular notion propagates Bitcoin’s bullish price rally, especially on Valentine’s Day. 

Price of Bitcoin on Valentine’s Day ❤️

2024: $49,732
2023: $21,808
2022: $42,248
2021: $46,941
2020: $10,221
2019: $3,610
2018: $8,518
2017: $1,010
2016: $404
2015: $259
2014: $624

— CoinGecko (@coingecko) February 14, 2024

It has generally been observed that Bitcoin’s trading volume and price have always noted an upward ascent on Valentine’s Day. 

Also Read: Ripple vs SEC Lawsuit: A Settlement on the Cards?

BTC’s breaking its sluggish streak today to cross the highly anticipated $51,000 threshold, especially on Valentine’s Day, speaks volumes about this popular notion. 

Since 2015, analysts have observed Bitcoin’s robust performance on every Valentine’s Day, solidifying the notion of its positive V-Day performance. 

It’s not just with Bitcoin; the reports suggest that the same ascending pattern can be observed for other cryptocurrencies as well, notably for XRP and Ethereum. 

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