Bitcoin price hits two-year high! Two major reasons support it, but be careful about one thing

This site (120bTC.coM): Bitcoin hit a high of $59,487 on the evening of today (28th), rising by more than 4.5% in the past 24 hours, the highest level since mid-November 2021. The currency price will reach a new high in the future.

Two main reasons, the continued influx of funds

Discuss the reasons for the recent rapid rise of Bitcoin, mainly because Bitcoin spot ETFs continue to attract new capital inflows. Bloomberg analyst Eric Balchunas pointed out in today’s post that in addition to GBTC, nine Bitcoin spot ETFs have once again performed strongly in recent trading days, reaching levels of more than $2 billion. This situation illustrates that investor interest in Bitcoin ETFs continues to increase, thus driving the rapid rise in Bitcoin prices. As more money enters the market, Bitcoin's supply and demand relationship changes, further supporting its price. This phenomenon also reflects investors’ recognition of Bitcoin as a digital asset. On the other hand, there are still 53 days left in the countdown to Bitcoin’s halving every four years, which will happen in April. This halving, which typically results in a reduction in Bitcoin rewards, can also be the impetus for a new round of price increases.

Bitcoin futures open interest reaches a record high

It is worth noting that according to CoinGlass data, the current open interest in Bitcoin futures on the exchange has reached 24.4 billion US dollars, a record All time high. This data exceeds the highest level at the end of the last bull market (November 2021).

Reminder: This means that Bitcoin may fluctuate significantly in the near future, so investors are advised to be cautious.

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