Summary
Bitcoin reached a record high of over $69,000 before retreating to around $67,000 due to market sell-offs and liquidations. The rebound indicates resilience and some observers attribute the selling pressure to profit-taking and miners selling off holdings. Institutional exchange LMAX Digital predicts a push towards $100,000 but warns of potential deeper corrections. They expect support around $50,000 and short-lived dips below that level.
Key Points
1. Bitcoin briefly rose above $69,000 on Coinbase, reaching a record high on Tuesday before retreating to around $67,000.
2. There was a market-wide sell-off following the record high, with Bitcoin dropping to as low as $60,800 and over $1 billion in liquidations occurring amid the volatility.
3. Despite the sell-off, Bitcoin rebounded in Asian morning hours, indicating resilience in the market. Some observers believe the selling pressure was driven by profit-taking at historical highs and miners offloading holdings, while others see the record high as setting the stage for a potential push towards $100,000.