Bitcoin: From $64K to a reversal – What went down for BTC?

Bitcoin saw a massive move in price in the last 24 hours, taking its price to a level last seen in 2021.exhibited noteworthy price action, closing at about $62,393 on the daily timeframe chart, marking a notable increase of over 9%.

However, a more detailed examination of lower timeframes revealed that BTC reached a peak of $64,000 before retracting to its closing range. This over 9% surge concluded a five-day streak of consecutive increases for BTC. Additionally, it’s worth highlighting that this price level marked the first time since 2021 that Bitcoin reached the $60,000 range.At the time of this writing, Bitcoin was trading close to $63,000, with an almost 1% increase observed. Furthermore, the recent upswing has propelled Bitcoin into the oversold zone, as indicated by the Relative Strength Index, which was at over 85 at the time of this writing.

By the end of 28th February, transaction volume rose to over $38 billion, whale transactions exceeded 4,000, and daily circulation surpassed 322,000.At the time of this writing, transaction volume was nearing $3 billion, whale transactions had surpassed 600, and daily circulation had exceeded 16,000.

Furthermore, an examination of BTC volume showed that it closed at over $80 billion on 28th February, reaching a peak. Presently, the volume is over $93 billion, marking the first time since 2022 that it reached these elevated levels.A detailed breakdown revealed that short positions experienced the most significant liquidation, totaling over $198 million. In comparison, long positions saw nearly $88 million in liquidation.

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