CHART: Bitcoin's dips below $60K this year

In 2024, Bitcoin has continued to demonstrate characteristic volatility. On 13 separate days during the calendar year, it has opened above and then dipped below the psychologically important $60,000 level.

Although it’s rallied an impressive 53% year-to-date, the last few months have been marked by thrashing price movements, reflecting a vicious battle between bulls and bears. Bitcoin’s 30-day volatility index has peaked this month at 3.1% — its high of the last 12 months.

Protos has created a chart detailing every one of bitcoin’s trips below $60,000 this year — click here to view.

Bitcoin began 2024 with a strong upward trajectory and enjoyed net inflows after the SEC approval of bitcoin spot ETFs in early January. This development opened up flows from retirement funds and other managers limited by fiduciary or prospectus mandates.

On February 26, the currency surged past $50,000, reaching an all-time high above $75,000 on some exchanges on March 14.

Read more: Bitcoin price surge triggers one big ‘I told you so’ from fans

2024 bitcoin derivative liquidations reach high in August

Despite the spot ETF approval initially fueling optimism, profit-taking and derivative liquidations have led to periodic declines. Indeed, data from Glassnode indicates a 2024 high of liquidations of bitcoin long (bull) derivatives on August 4 worth $245 million.

Bitcoin’s price movements have been influenced by traders attending to technical indicators as well as broader economic factors like general asset prices, interest rate changes, economic data releases, and news about mining or fiat on/off ramps.

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