Bitcoin reached a record high in early February 2024, surpassing the November 2012 high.

Despite a temporary decline due to temporary profit-taking, strong upward momentum was sustained and the strong upward momentum was sustained with support from the 10-day moving average. Strong and bullish fundamentals (underlying conditions) support this situation, although monthly indicators suggest the market is overbought.

In addition to heightened expectations for the next half-life event, major asset managers such as BlackRock and Fidelity have received ETF approval and have acquired 284,000 BTC, more than 1% of total bitcoin supply since launch The introduction of the ETF has further increased institutional interest in bitcoin increased, with many investors opting for long-term positions. This could limit supply in the future and drive the price up over time.

In the short term, bitcoin volatility will increase as the April half-life approaches, providing trading opportunities. Currently, the uptrend remains strong and following is advised, but failure to sustain prices above historical highs could trigger further buy position liquidation orders below the 10-day moving average.

Given the speculative nature of bitcoin, market sentiment can change rapidly and unexpected volatility can occur. It is therefore important to remain vigilant as surprising movements are a common occurrence in this environment.