Bitcoin's recent price action showcases a significant surge, closing at $62,393 with a 9% increase. Explore unprecedented metrics and liquidation data.

Bitcoin [BTC] recently caused a stir in the market, displaying significant surges in both its price and key metrics.

As of February 28th, Bitcoin demonstrated noteworthy price movements, closing at around $62,393 on the daily timeframe chart, marking an impressive increase of more than 9%.

However, a closer look at lower timeframes revealed that BTC reached a pinnacle of $64,000 before retracing back to its closing range. This surge of over 9% concluded a five-day streak of consecutive gains for BTC.

It is noteworthy that this price level marked the first occurrence since 2021 when Bitcoin entered the $60,000 range.

As of now, Bitcoin is trading near $63,000, with an almost 1% increase observed. Additionally, the recent upward trend has pushed Bitcoin into the overbought zone, as evidenced by the Relative Strength Index, which stood at over 85 at the time of this report.

An analysis of Santiment data indicated significant increases in Bitcoin's price, whale transactions, transaction volume, and daily circulation. These metrics have reached unprecedented levels since 2022.

By the end of February 28th, transaction volume soared to over $38 billion, whale transactions exceeded 4,000, and daily circulation surpassed 322,000.

Currently, transaction volume is approaching $3 billion, whale transactions have surpassed 600, and daily circulation has exceeded 16,000.

Furthermore, an examination of BTC volume revealed that it closed at over $80 billion on February 28th, reaching a peak. Presently, the volume is over $93 billion, marking the first occurrence since 2022 that it reached these elevated levels.

The notable surge in Bitcoin's price resulted in a significant liquidation of positions, according to Coinglass data. On February 28th, the BTC liquidation volume exceeded $286 million.

A detailed breakdown showed that short positions underwent the most significant liquidation, totaling over $198 million. In comparison, long positions experienced nearly $88 million in liquidation.

Interestingly, despite the substantial liquidation volume, there was a continuous influx of funds into BTC.

An analysis of the Open Interest metric revealed a surge to its highest point in months, approaching $27 billion at the time of this report.