Bitcoin Price Volatility Continues as Cryptocurrency Nears $70,000 Mark
Today, March 10, has been a day of high volatility for the price of bitcoin (BTC), as the digital currency continues to battle towards breaking the $70,000 mark. The current historical maximum price for BTC, reached last Friday, March 8, sits around this key figure.
With spot bitcoin ETFs performing well in the US market and financial giant BlackRock expressing interest in including these ETFs in their investment funds, there is a growing demand for bitcoin. This has led to a potential increase in BTC purchases and a bullish movement on a day when traditional financial markets are closed.
The movement towards $70,000 is significant, as resistance levels at round numbers like this tend to hold strong in the market. While there is a high probability of bitcoin either bouncing downwards or consolidating at this price, the upward trend for the cryptocurrency seems inevitable in the long and medium term.
The upcoming halving event scheduled for April, which reduces the rewards for mining bitcoin, historically acts as a catalyst for the price of the asset. With technological developments, the adoption of the Lightning network, and other factors in play, bitcoin is expected to continue its upward trend in the coming months.
As retail investors once again turn their attention to BTC and institutional interest in the market remains strong, bitcoin’s bullish course is expected to continue. For those looking to capitalize on this trend, having an appropriate investment strategy can prove beneficial.