Persistent Rally in Bitcoin Price Above $73,000 Endures Despite Rapid Plunge
Bitcoin continues to gain momentum, reaching a new high of $73,887 without any signs of slowing down. The cryptocurrency market witnessed Bitcoin breaking records as it hit an all-time high of $73,887 on EXMO, briefly touching $74,000 before experiencing a quick pullback. This surge in volatility was accompanied by a significant inflow of over $1 billion, according to BitMEX Research.
In addition, Blackrock recorded a historic cash inflow of $849 million for spot Bitcoin exchange-traded funds (ETFs), indicating a growing demand for the cryptocurrency. Coinranking data also reveals that Bitcoin surpassed the $78,000 mark on Korean crypto exchanges, such as Bithumb and Coinone. However, this price difference can be attributed to the Kimchi premium phenomenon, as previously reported by crypto.news.
Bitcoin’s recent rally comes after a temporary dip below the $69,000 mark on March 12th, when its value briefly dropped to around $68,600. Despite this setback, Bitcoin is showing signs of recovery, with long traders anticipating further positive movements. Coinglass data shows that the number of long positions exceeds short positions by nearly $10 million at the time of writing.
Meanwhile, QCP Capital analysts have observed a decrease in front-end volumes, particularly in Ethereum (ETH), compared to Bitcoin. They suggest that investors looking to benefit from high yields without taking directional risks may see the current price levels as an opportunity to sell spot-forward spreads at these elevated levels.
Overall, Bitcoin’s ongoing momentum and the increasing interest from investors indicate a positive trend for the cryptocurrency market.
