• BTC hits $64,000 for the first time since 2021.
• Open interest is now close to $27 billion.

Bitcoin [BTC] recently made waves, showcasing significant price hikes and strong moves in some of its metrics.

Bitcoin steps into a new price zone

On the 28th of February, Bitcoin exhibited noteworthy price action, closing at about $62,393 on the daily timeframe chart, marking a notable increase of over 9%.

However, a more detailed examination of lower timeframes revealed that BTC reached a peak of $64,000 before retracting to its closing range. This over 9% surge concluded a five-day streak of consecutive increases for BTC.

Additionally, it’s worth highlighting that this price level marked the first time since 2021 that Bitcoin reached the $60,000 range.

At the time of this writing, Bitcoin was trading close to $63,000, with an almost 1% increase observed. Furthermore, the recent upswing has propelled Bitcoin into the oversold zone, as indicated by the Relative Strength Index, which was at over 85 at the time of this writing.

Key Bitcoin metrics show yearly highs

Analysis of Santiment data showed that Bitcoin experienced significant increases in its price, whale transactions, transaction volume, and daily circulation. These metrics have reached unprecedented levels since 2022.

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Author: Adewale Olarinde

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