The market is currently retesting levels above $69,355, and with bullish indicators, attention is focused on a possible retest of the current highs at $74,325.
Experts in the field call Bitcoin’s recovery “surprising”, highlighting various factors that could be driving this renewed interest in the leading cryptocurrency. Without a doubt, the fact that exchange-traded funds (ETF) of Spot Bitcoin register net inflows since Monday and thus breaking a streak of five consecutive days of outflows, boosting the value of the crypto.
Thus, the leading cryptocurrency is trading this Tuesday at US$70,300 and climbs 2.3% on the day. For his part, the Ethereum It exceeds US$3,600 and climbs more than 3% in the session.
Another major driver of this bullish trend is the anticipation around the upcoming halving event. Bitcointhe Halving, scheduled for April 19. This event has historically proven to be a major catalyst in the past as it halves Bitcoin miner rewardswhich can generate shortages and increase demand, thus driving prices, according to Di Giacomo.
Despite these positive developments, some analysts warn of the possibility of a downward correction, especially given the recent pullback experienced by Bitcoin. There are concerns that the market could be vulnerable to a ‘buy the rumor, sell the news’ dynamic, which could trigger a reversal to the downside.
Bitcoin: what the market expects
In addition to the halving event, other factors are also influencing the price of Bitcoin. The introduction of financial products such as Bitcoin ETFs has opened new opportunities for institutional investment, which could drive greater market adoption and stability. Long-term holder behavior and market psychology are also crucial aspects to consider.as investors’ emotions and perceptions can trigger significant price movements.
cryptocurrencies-bitcoin.jpg
Depositphotos
Despite occasional pullbacks, Bitcoin is on track to end March in positive territory, up 14% for the month and an impressive 66% so far this year. However, Traders should be wary of potential higher volatility, especially if Bitcoin retests its all-time highs.
The market is currently retesting levels above $69,355, and with bullish indicators, attention is focused on a possible retest of the current highs at $74,325.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
