Bitcoin smashes through $65,000

Bitcoin (BTC) smashed through the $65,000 mark on March 4.

Thus, Bitcoin is trading at around $65,500, up almost six per cent in the last 24 hours. With this surge, Bitcoin is only almost six per cent away from its historical high of around $69,000 in November 2021, Trading View reports citing the data from CoinGecko.

Data from Alternative.me shows that the Bitcoin fear and greed index reached 83/100 on March 3, its highest level since Bitcoin’s peak of $69,000. This suggests that investors are “extremely” confident in the potential of Bitcoin’s price. The index remains high at 82/100.

Last week, BTC surpassed $60,000 before extending its surge to $64,000. The rally was fueled by institutional accumulation, especially by US spot Bitcoin exchange-traded funds (ETFs) and big corporations like MicroStrategy. Moreover, it was speculated that Jeff Bezos sold $8.5 billion in Amazon stock to purchase Bitcoin.