Bitcoin price reaches a new high After a weekend of sustained gains, Tuesday’s market value exceeded $69 045.
Bitcoin reached $68,000 on Monday night, but it didn’t reach a new high. It then hit resistance and fell. Blockworks reported previously that analysts believed it to be a major resistance level.
According to CoinGecko, Bitcoin (BTC), the cryptocurrency, reached its all-time record high in November 2021 at $69 044. Also, Ether gained intraday and hovered around $3600.
Prior to surpassing the previous record, Bitcoin’s capitalization reached $1.3 Trillion, exceeding its prior all-time highest. Bitcoin reached all-time records in multiple currencies, including euro.
Bitcoin ETFs reached record volume last week. They hit a peak of $7,6 billion, before reversing back to $5 billion by Thursday.
On Friday however, the net flows were negatively affected after Blackrock’s Bitcoin ETF and Grayscale’s ETF both saw a decline in their respective ETFs.
In addition to the ETFs’ high volume, bitcoin rose last week and then fell back down to about $60,000. On Wednesday it reached levels that had not been seen in approximately 27 months, before dropping 10%.
Some are wondering whether the current momentum will last.
“Most can’t help but scoff at the pace at which Bitcoin has climbed, having gained 47% in the last month. History tells us we will see a pullback ahead of the halving in April — however, we have never before had an ETF in the space pulling billions of dollars of institutional money into Bitcoin on a weekly basis,” Lucas Kiely said that he is chief information officer for Yield App.
James Lavish is the managing partner of Bitcoin Opportunity Fund and he posted on X about bitcoin “has not yet entered ‘price discovery mode.'”
The new record high must be reached before a similar mode can take place.
Bitcoin’s fourth halves is scheduled to occur in April. According to some analysts, this could serve as a boost.
You can read our opinions here: Don’t worry about Bitcoin halves
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