Bitcoin rallies to highest level since November 2021 as investors eye record high
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Bitcoin rallied to its highest level since November 2021, rising 9.5% over the past 24 hours to nearly $57,000. It is roughly off 17% from its record high at $68,990, reached in November 2021. Investors have been attracted to bitcoin after the U.S. Securities and Exchange Commission approved 10 bitcoin ETFs in January. They are also looking forward to the upcoming 'halving' event, expected to happen in April, which historically has been bullish for bitcoin prices. Halving is a mechanism in the blockchain's algorithm that controls the supply of bitcoin, cutting the reward for bitcoin mining in half. Bitcoin has seen price appreciation months after previous halvings. Technical analysis suggests that bitcoin's price gain could reach targets near $58.4 initially, with a possibility of reaching $62k, which would be the last area of resistance before a possible challenge of former all-time highs.

#Bitcoin #Cryptocurrency #Investment #Etfs #Halving

https://www.marketwatch.com/story/bitcoin-rallies-to-highest-level-since-november-2021-as-investors-eye-record-high-35610267