Summary
TLDR: Bitcoin dipped after nearing $64,000, now hovering around $60,600. Analysts predict $65,000 as next resistance level. Increased demand for bitcoin ETFs and favorable economic conditions contribute to bitcoin’s 7% weekly and 44% monthly increase. Retail investors are buying bitcoin, with $580 million in net inflows. Ether also saw gains. Equities faltered, with concerns about inflation and economic slowdown.
Key Points
1. Bitcoin experienced a sharp downward turn after nearly reaching $64,000 and approaching new record highs, losing 5% in a matter of minutes.
2. Despite the dip, bitcoin remains up more than 7% for the week and 44% over the month, with analysts attributing this increase to factors such as increased bitcoin ETF demand, anticipation surrounding the upcoming bitcoin halving cycle in April, and favorable macroeconomic conditions.
3. More than $585 million in long and short bitcoin positions have been liquidated in the past 12 hours, and bitcoin’s rally coincided with a historic day for newly-minted spot bitcoin ETFs.