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Bitcoin breached $60,000 for the first time in two years and three months after rising over almost 20% in the last three days…

Source: Bloomberg

The last time Bitcoin traded above $60,000 was on Nov. 12, 2021, when Bitcoin started its reversal, falling over 67% to the macro low of $19,297 at the beginning of April 2022.

Source: Bloomberg

Additionally, over the past few days, BTC has hit ATH’s price against the Japanese yen, Malaysian ringgit, Indian rupee, Taiwan dollar, South Korean won, Chilean peso, Australian dollar, Chinese yuan, South African rand, Norwegian krone and Turkish lira.

The new BTC ATH against these currencies indicates a declining market value for the fiat currencies.

CoinTelegraph reports that Bitcoin’s price performance can largely be attributed to the market anticipation surrounding the upcoming halving event, which historically leads to increased buying activity, according to Bryan Legend, investor and CEO of Hectic Labs. He told Cointelegraph:

Yet, according to pseudonymous crypto analyst Rekt Capital, a “pre-halving retracement” could still be on the table. The pseudonymous analyst added that the upcoming Bitcoin halving isn’t priced in by the market, based on historical market data that saw Bitcoin’s major movements occur after previous halvings, not before, Rekt Capital shared in a Feb. 28 X post.

Bitcoin’s bullish momentum comes two days after the spot Bitcoin exchange-traded funds (ETFs) in the United States broke an all-time high of $2.4 billion in daily trading volume on Feb. 26, according to Eric Balchunas, senior ETF analyst at Bloomberg.

Bitcoin ETF Flows. Source: Bloomberg

The nine spot Bitcoin ETFs have recorded combined trading volumes of over $2 billion for the second consecutive day on Feb. 28.

Bitcoin ETF Volumes. Source: Bloomberg

BlackRock’s iShares Bitcoin ETF (IBIT) recorded over 100,000 individual trades on Feb. 27, up from around 30,000 to 60,000 average daily trades, according to an X post by Balchunas.

An estimated 75% of new Bitcoin investments came from the spot Bitcoin ETFs in the United States, according to a Feb. 14 report by on-chain data analytics firm CryptoQuant.