The ongoing bullish move in the cryptocurrency landscape has gathered massive attention from crypto enthusiasts. Recently, on February 29, 2024, data from on-chain analytic firm Kaiko revealed that on February 28, 2024, the trading volume of the world’s biggest cryptocurrency, Bitcoin, reached $34.05 billion, its highest level to date.
Bitcoin trading volume record surge
The record surge in trading volume is observed for the first time after the FTX (Cryptocurrency exchange) collapse. Additionally, the majority of the trading volume comes from the world’s biggest cryptocurrency exchange, Binance, with Bitcoin trading volume reaching $17.09 billion. Bybit experienced $3.5 billion in trading volume, whereas Coinbase and OKX experienced over $2.98 billion and $2.92 billion respectively. However, Kraken also experienced a massive Bitcoin trading volume of $1.05 billion.
Besides the massive trading volume of Bitcoin on February 28, 2024, it has been observed that the number of trade counts also reached a record highest level at 23.25 million, with an average size of $1.46k. This massive surge in trading volume shows the involvement of investors as well as traders in Bitcoin. It is also expected that in the coming days, this trading volume will surge even more once Bitcoin crosses its all-time high.
Bitcoin technical analysis and key levels
Currently, Bitcoin is trading near $62,500, and in the last 24 hours, it experienced over 6% upside momentum. If we look at the performance of Bitcoin over a longer period, in the last 7 days, Bitcoin’s price surged by over 20%, whereas in the last 30 days, Bitcoin experienced over 45% of upside momentum.
This major price surge started just after the breakout of the consolidation zone between $50,500 and $52,500. Since then, Bitcoin experienced nearly 20% of upside momentum, and additionally, the price never came back for correction.
According to expert technical analysis, the current situation and sentiment of the cryptocurrency market indicate that in the coming days, Bitcoin may hit the $66,500 level. If Bitcoin’s price on the weekly time frame gives a closing above $66,500, then we may see a new all-time high. This prediction is also forecasted by institutions as well as prominent traders.
