The world’s largest crypto asset by market cap, just broke $68k in the last 24 hours, even touched $68.7k, before profit takers pulled it back to the $66-$67k region, according to the data from CoinGecko.
Bitcoin was almost touching and reclaiming its previous all-time high (ATH) as of Nov 2021, marking a spirited recovery from bear market depths at the end of 2022. The short sellers witnessed a liquidation of $120 million worth of Bitcoin short positions in the last 24 hours.
BTCs have been steadily moving out from exchanges like Coinbase and Binance etc. A marked divergence was observed between Bitcoin’s price movement and its supply on exchanges. This signaled that investors were not in a hurry to sell, but rather accumulated for higher future gains. As the BTC halving is near, US Fed cut rates are almost going to start from May (Expected), Investors are expecting that supply crunch and rate cuts along with Financial giants like Blackrock, Fidelity etc will drive the upcoming bull market historic one in the history of digital assets.
As of now, at the time of writing this article, BTC is trading at around $67,500 with a market capitalization of $1.32T, BTC has seen a 3.5% growth in the last 24 hours and about 18.75% in the last seven days. The fear and greed index has also hit 90, a record high since 2021.