BTC Climbs Above $52,000: Why is Bitcoin Up Today?

Juhi Mirza
bitcoin btc bull run moon rocket
Source: / Shutterstock

The leading cryptocurrency of all time, Bitcoin, is finally gaining its lost momentum back. The crypto is up 2.77% in the last 24 hours, breaching the highly anticipated $50,000 mark. 

After encountering a tumultuous start at the beginning of the year, the latest stats concerning BTC look green and bullish. However, why is Bitcoin rallying in green today? 

Also Read: US Economy Dubbed the Most Robust Among Competitors

What’s Making Bitcoin To Rise?

Microstrategy Scoops up 301 Bitcoin for $5.7 Million
Source: MARCA

In the early hours of Wednesday morning,  Bitcoin was trading at $50,000, a highly anticipated benchmark that crypto enthusiasts had been longing to witness for a very long time.

However, an explosion or influx of funds pushed BTC to cross the threshold of $52,000. The sudden change left millions of short positions liquidated. 

Also Read: US challenges Saudi Arabia and Russia in Crude Oil Production

Per the data from Coinglass, in the last hour, the total number of short liquidations exceeded $33 million, whereas the long liquidations were merely $400K. 

Following Bitcoin’s lead, other major altcoins, including Ethereum, Doge, and Shiba Inu, followed suit, trading at $2,750, $0.08314, and $0.000009637, respectively. 

Celebrating the BTC winning streak, Bitcoin enthusiasts on X celebrated the cryptocurrency’s V-day ascent with great joy and happiness. 

Also Read: If Shiba Inu Burns 100 Trillion Tokens a Year, Will It Reach $0.01?

Will Valentine’s Day’s Be Bullish?

The cryptocurrency world is full of exciting surprises, concepts, and notions. One such popular notion propagates Bitcoin’s bullish price rally, especially on Valentine’s Day. 

It has generally been observed that Bitcoin’s trading volume and price have always noted an upward ascent on Valentine’s Day. 

Also Read: Ripple vs SEC Lawsuit: A Settlement on the Cards?

BTC’s breaking its sluggish streak today to cross the highly anticipated $52,000 threshold, especially on Valentine’s Day, speaks volumes about this popular notion. 

Since 2015, analysts have observed Bitcoin’s robust performance on every Valentine’s Day, solidifying the notion of its positive V-Day performance. 

It’s not just with Bitcoin; the reports suggest that the same ascending pattern can be observed for other cryptocurrencies as well, notably for XRP and Ethereum.