Bitcoin’s momentum continued over the weekend, and the asset managed to close above $48,000, which actually became its highest weekly closing point since December 2021.
Given the upcoming halving, which is just a couple of months away and typically serves as a catalyst for further price growth, the community speculates if BTC will not retrace anymore ahead of the event.
BTC’s Highest Closing Price in 2 Years
Bitcoin endured a massive crash in mid-January after the US Securities and Exchange Commission greenlighted 11 spot ETFs. In what turned out to be a classic sell-the-news event, the cryptocurrency pumped to over $49,000 on the day the products went live for trading and slumped by more than ten grand in the next two weeks.
After bottoming out at $38,500, the bulls started to propel the asset upward again. This resulted in two consecutive weeks of gains. The most impressive was last week, which closed on Sunday evening.
At this point, BTC had erased approximately all losses induc
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