Bitcoin Tests 70k Threshold

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Bitcoin Tests 70k Threshold

Bitcoin (Btc) Tests $70k Threshold Before Turning Lower

In one of the first times during the last few years, Bitcoin (BTC) has managed to briefly touch the $70K threshold. This is a sign that the crypto mania, which started a few months ago, is still going on at full speed.

The BTC's attempt to touch $70,000 is a sign of renewed optimism as even the institutes are now investing in the cryptocurrency. Additionally, the crypto markets are also looking forward to rate cuts from all the major central banks around the world.

Btc Getting Ready To Target $70,000 Again

For a brief moment, Bitcoin managed to touch $70105 level before turning lower. For now, BTC is seen near $68317 which is a sign that the bulls are getting ready to test the $70K once again.

In the last few weeks, billions of dollars worth of inflows have gone into the BTC ETFs, which are lending support to the entire crypto market. Additionally, the market is also looking towards the ETH blockchain upgrade along with the halving event of BTC, which is expected in April.

Despite the bullish trend in the crypto markets, some experts are still wary and highlight that these assets are highly speculative. Maybe that's the reason why BTC dropped by 10% during Tuesday's session.

Still, it can be hard to ignore the speculative nature of BTC & other coins. After all, Bitcoin made a new record high only to lose 10% again in the course of the same day! In any other asset, moves like these are unheard of which also raises the concerns of high volatility.

Overall, the US SEC has approved a total of 11 spot BTC ETFs, which has proved to be a breath of fresh air for the entire market. Before the arrival of ETFs, the crypto market was going through a bearish phase of almost 18 months.

Now, it seems even institutional investors are joining the crypto bandwagon as tons of money have already moved into the crypto assets.

By the end of March 1, around $2.2 billion in inflows were recorded into the BTC ETFs in a span of one week. Out of these, around $2 billion moved into BlackRock's flagship BTC ETF.

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