Bitcoin underwent significant recovery after a slew of corrections last week. The latest price action pushed the world’s largest crypto asset by market cap above a crucial resistance area, sparking optimism among investors as the ecosystem gears up for another crucial event of the year – halving.
When BTC was at $65.500 last week, the price correction was observed to be in the final stages as massive profits amounting to $2.7 billion were realized,a possible end to the downward pressure. Additionally, the selling pressure weakened as short-term holders ceased realizing losses from the correction.
Substantial BTC inflows into accumulation addresses, reaching an all-time high in reserves, indicated increasing interest from long-term investors. Crypto experts are confident in the current rally’s sustainability. If the $70,800 level provides the necessary support to Bitcoin’s price, the crypto asset could eye a fresh newin spot Bitcoin ETF inflows, with significant spikes observed in recent days. The positive headlines regarding prominent traditional finance players like Citadel, Goldman Sachs, UBS, and Citi joining as Authorized Participants for Blackrock’s ETF added further credibility to Bitcoin’s legitimacy.
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