The impressive performance of Bitcoin following the approval of the spot Bitcoin ETF (Exchange Traded Fund) has attracted not only crypto investors but also significant interest from traditional investors, especially in Bitcoin. This is evident in the Total Locked Value (TVL), which has been continuously increasing for the last 30 days as of today, February 22, 2024.
The factors behind Bitcoin TVL’s 30-day soar
Data from defillama reveals that in the past 30 days, Bitcoin’s TVL has surged by over 525%, reaching a current value of $1.67 billion. Additionally, on February 22, 2024, the TVL increased by 2.85%, and over the last 7 days, it saw a remarkable increase of over 35%. The major reason behind this massive increase in TVL is caused by Merlins Seal, Thorchain, BiFi, and other protocols which are continuously undergoing development, and their prices are also increasing.
Additionally, TVL is attributed to the widespread adoption and ongoing development of the network following the approval of the spot Bitcoin ETF. Notably, Bitcoin operates with only 13 protocols.
However, this significant one-month spike in TVL is not observed on any other blockchain network. Meanwhile, the highest TVL is on the Ethereum blockchain network, standing at $46.74 billion. The TRON blockchain network has the second-highest TVL, currently at $8.65 billion, and the Solana blockchain network also experienced a positive surge, with its TVL soaring by over 75% in the last 30 days, currently standing near $2.03 billion.
Bitcoin technical analysis and key levels
In addition to the surge in Bitcoin TVL, the price of Bitcoin has also witnessed significant growth during this period. Currently trading near $51,600, Bitcoin experienced a 1% upside momentum in the last 24 hours. Over the last 7 days, Bitcoin has remained in a consolidation zone between $52,300 and $50,700, while in the last 30 days, its price has increased by over 26.5%.
According to expert technical analysis, Bitcoin, after breaking a major resistance level near $48,000, has not retested it. Furthermore, on the weekly time frame, it has also recorded a candle closing above $52,300. Traders and analysts speculate that in the coming days, Bitcoin may retest its previous resistance level near $48,000 to hit $66,000.
