Summary
TLDR: Bitcoin reached a new record above $73,000 in mid-March, thanks to increased demand from spot ETFs. However, the rally has stalled with the price now over 15% below the all-time high, as sellers have been overwhelming buyers in the last month.
Key Points
1. Bitcoin saw a significant increase in price by mid-March, reaching a new record above $73,000 due to boosted demand from spot ETFs.
2. The price of bitcoin has since decreased by more than 15% from its all-time high, with the rally stalling in recent weeks.
3. Despite a modest slowdown in buying by ETFs, sellers have been overwhelming the market for the last month, leading to the current pullback in price.