Bitcoin erases pullback but stalls at $70,000 – Crypto News
Bitcoin clips recent losses and eyes record highs
ETF flows suggest a buy-the-dip mentality
Cryptos did not move on PCE data despite closed markets
This week has been a relatively quiet one for crypto prices, with Bitcoin attempting to erase the latest slump from its all-time highs. Again, spot-Bitcoin ETF flows were the main drivers behind this rebound as the market exhibited a buy-the-dip mentality when Bitcoin prices hit the $60,000 psychological mark.
The two major cryptocurrencies, Bitcoin and Ethereum, have traded in lockstep since the beginning of the year, posting solid gains and outperforming traditional markets. More specifically, the king of cryptos is on track to end the quarter 60% higher and the leading altcoin is set for a 55% increase in the same horizon. Meanwhile, there are major developments expected for both digital assets moving forward in 2024.
For Bitcoin, traders have locked their gaze on the impending halving in mid-April, while the Fed’s interest rate cutting campaign is also expected to act as a bullish catalyst for the broader crypto space. Ethereum’s outlook seems more complicated as on the one hand bullish developments on Bitcoin could drag it higher, but at the same time news that its spot-ETF approval is facing regulatory hurdles appear to be limiting its upside.
PCE report did not spur volatilityOn Friday, investor interest fell on the February PCE report, the Fed’s favourite inflation metric. Given that financial markets are closed for the Good Friday holiday, any positive or negative surprises on the data could have triggered significant moves in crypto assets, whose market is open 24 hours each during of the seven days of the week. Nevertheless, Bitcoin did not exhibit any massive volatility in the minutes following the PCE release, as the data was mostly in line with forecasts.
Moreover, on Friday, Sam Bankman-Fried was sentenced to prison for 25 years for the FTX collapse. This had been a landmark moment for the crypto industry and the beginning of an aggressive bear market as FTX was the second largest crypto exchange at that time. Therefore, the conclusion of this trial coupled with the wave of Wall Street adoption through Bitcoin ETFs are supposed to signal a new era for the crypto industry, where scandals and frauds belong in the past.
New highs or a double top?BTCUSD had been undergoing a strong pullback from its all-time highs, dropping to as low as $60,760 last week. However, the price quickly recovered significant ground, currently battling with the $70,000 psychological mark and trading within breathing distance from its all-time highs.
If the rebound resumes, Bitcoin could challenge the $71,750 hurdle ahead of the record peak of $73,800.
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