Bitcoin (BTC) is shining with full power as it dropped a glimpse of a bull run by attaining the $63,000 price level. Bitcoin’s ongoing rally also helped cryptocurrency linked mining and trading companies shares to get a lead ahead of other stocks. BTC price is now up by 50% in the last 30 days.Bitcoin set to breach $69K

Bitcoin is on the track to demolish its all time high (ATH) of around $69,000. BTC added 48% in the month of February, marking its best monthly performance since December 2020.

The biggest cryptocurrency price is trading at an average price of $62,962, at the press time. Its 24 hour trading volume is up by 73% to stand at $87 billion. An index tracking these companies linked to digital assets is up 36% in February. It has rebounded from a slump in the previous month.

The introduction of new US spot Bitcoin ETFs is shaking up the market and widening demand for the digital asset. These ETFs are attracting significant net inflows and influencing Bitcoin’s price.

This shows that investors rushing into Bitcoin exchange traded funds (ETFs). This has further contributed to the gains in the crypto sector. The ETFs are shifting the center of gravity for Bitcoin trading toward the US.Will this rally continue?

According to reports, the broad crypto rally led to outages at the crypto exchange Coinbase. Despite a one day glitch, Coinbase and other crypto linked stocks are on track to end February higher. However, increasing optimism about the upcoming Bitcoin halving event is also adding to the positive sentiment. The halving is expected to happen in late April. This process will reduce BTC’s supply and has historically lifted prices.

Several experts have hinted that the supply demand imbalance in the market for Bitcoin is contributing to the ongoing rally in the market. BTC price reached about $63,000, with trading volumes in spot Bitcoin ETFs increasing sharply to almost $8 billion in a single day.

Bitcoin price jump has led to massive liquidations in the last 24 hours. According to the data provided by Coin glass, more than 166k traders were liquidated over the past day. The total liquidation recorded by the tracker stands at $680 million. This included both short and long bets. The single largest liquidation order happened on the crypto exchange OKX of BTC-USDT-SWAP valued at $9.45 million. Get Crypto Trading Signals from Real Crypto Analysts.