The price of bitcoin shot above the $54,000 level on Monday after waking up from a week of tepid trading.
At its session high, bitcoin hit $54,965.26 and reached its highest level since December 2021.
"Today is settlement day for bitcoin futures, which is contributing to the price jump we're seeing," said Ryan Rasmussen, analyst at Bitwise Asset Management.
"We're approaching the window where we typically see traders positioning themselves ahead of the bitcoin halving, which will happen in the second half of April.
Bitcoin traded flat in the week leading up to Monday, when the breakout began, and put it on track for a 27% monthly gain.
Persons:
cryptocurrency, bitcoin, Ryan Rasmussen, Ether, Solana, Polygon's, Microstrategy, Bitcoin, Owen Lau, Oppenheimer, JPMorgan's Nikolaos Panigirtzoglou
Organizations:
Metrics, Bitwise Asset Management, JPMorgan, CNBC PRO
Locations:
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