Cryptocurrencies regained some strength after having dropped sharply on Friday and over the weekend, with Bitcoin trading 7 percent below its all-time high (ATH) of $73,628 reached on Thursday. This volatility triggered liquidations of long positions of almost $900 million.
The inflow of assets into the nine spot Bitcoin exchange traded products (ETFs) launched in mid-January is one of the factors that has driven the price of Bitcoin up over the past weeks.
The price of Bitcoin increased 4.6 percent to $68,550 over the past 24 hours, and is up 32 percent over the past month.
“Bitcoin started to sell off on Friday morning Asia time when Fidelity reported only $14m of inflows (for Thursday) vs. $280m the prior day. Bitcoin traded at $72,000 when the number came out. When BlackRock reported inflows of just $140m for Friday, Bitcoin sold off over the weekend. As Bitcoin broke the uptrend, liquidations were triggered, and Bitcoin fell to $65,000,” noted the Head of Research at 10x Research, Markus Thielen, who expects a further decline down to $59,000.
The data analytics firm CryptoQuant points out that it’s largely short-term Bitcoin investors, those having held the token for less than five months, that are taking large profits right now.
According to ATTMO, bullish sun will shine over Bitcoin in the next 24 hours. However, over a one-week horizon, bearish clouds will sweep in over a large part of the crypto universe and Bitcoin and most alts will face downside risks.
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The inflow of assets into the nine spot Bitcoin exchange traded products (ETFs) launched in mid-January is one of the factors that has driven the price of Bitcoin up over the past weeks.
The price of Bitcoin increased 4.6 percent to $68,550 over the past 24 hours, and is up 32 percent over the past month.
“Bitcoin started to sell off on Friday morning Asia time when Fidelity reported only $14m of inflows (for Thursday) vs. $280m the prior day. Bitcoin traded at $72,000 when the number came out. When BlackRock reported inflows of just $140m for Friday, Bitcoin sold off over the weekend. As Bitcoin broke the uptrend, liquidations were triggered, and Bitcoin fell to $65,000,” noted the Head of Research at 10x Research, Markus Thielen, who expects a further decline down to $59,000.
The data analytics firm CryptoQuant points out that it’s largely short-term Bitcoin investors, those having held the token for less than five months, that are taking large profits right now.
According to ATTMO, bullish sun will shine over Bitcoin in the next 24 hours. However, over a one-week horizon, bearish clouds will sweep in over a large part of the crypto universe and Bitcoin and most alts will face downside risks.
Follow us for more crypto weather reports!
Find out more detailed forecasts at www.attmo.ai/