The $70,000 mark has already been surpassed, considering that the Bitcoin price action touched levels above $72,000, registering a new all-time high at $72,710.68 according to data reported on the https://www.coingecko.com/en/coins/bitcoin address of the Coingecko portal.
One thing to note is that the price action driven by Bitcoin ETFs exceeds $30,000 in just over six weeks, which in my view beyond institutional investor purchases via ETFs is extremely positive for the price health of the entire cryptocurrency market.
In a context systematized by columnist William Suberg of the Cointelegraph portal, "As the battle for price discovery rages, bitcoin is caught in a familiar state of flux: selling pressure at key psychological price levels combined with relentless supply from spot exchange-traded funds (ETFs)"
Suberg also believes that, "Few were prepared for the magnitude of influence that ETF purchases now exert. Even lifelong bulls are re-evaluating where they think the BTC/USD pair could go in the next few years; the USD 1 million price is increasingly seen as conservative over the long term."
In closing a highly favorable element is that the Bitcoin ETF has "Become the most successful ETF launch in history, the nine participants have presided over a BTC price transformation that many think will continue"
SOURCES CONSULTED
Cointelegraph. BTC price blasts through $70K — 5 things to know in Bitcoin this week. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
