Is bitcoin on track for its biggest monthly gain in 3 years?

SINGAPORE/LONDON, Feb 29 (Reuters) - Bitcoin was on track for its biggest monthly gain in more than three years on Thursday and within sight of a record high, propelled by cash rushing into exchange-traded funds.

Why is bitcoin gaining so much?

“In addition, Bitcoin's strength above the $60K mark since its drop on May 1st has grown investor confidence.” Another factor that helped fuel bitcoin’s recent gains is a reduction in selling pressure, according to a market report that CryptoQuant provided to the author of this article.

What fueled bitcoin's recent gains?

Another factor that helped fuel bitcoin’s recent gains is a reduction in selling pressure, according to a market report that CryptoQuant provided to the author of this article. The report, which certain subscribers can access through the CryptoQuant website, stated the following: