The price of Bitcoin has continued to rise in the past few days, with the price reaching as high as $93,000, a record high. It has also driven up the prices of other small and medium-sized cryptocurrencies and altcoins. However, the increase in Bitcoin is still greater than that of other alternative coins, showing that investor funds In particular, formal institutional funds continue to buy Bitcoin spot ETFs, which have not yet spilled over to Ethereum or other targets, which also caused Bitcoin's market share to exceed 60% for a time.
After encountering resistance at US$93,000, Bitcoin first fell back to US$88,000, but then rebounded back above US$90,000, mainly driven by the increase in inflows of the US Bitcoin ETF. It fell back to US$88,000 for consolidation early this morning. The reason behind this is also There is nothing special. When the price rises too much, investors begin to take profits, and the profits are settled on large positions. That is why the price of Bitcoin fluctuates so much.
However, investors don’t need to worry too much. It’s still just an initial short-term correction, because the increase in Bitcoin is still greater than that of most competitive coins, which means that funds are still pouring in and there is no spillover. The usual phenomenon at the end of a bull market is that the market cannot rise. Funds have shifted to speculation in small and medium-sized cryptocurrencies, and only then do investors have to consider whether to take profits and wait for the next wave of corrections.
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"MICA Daily｜Bitcoin has retreated from its bullish gains, but the bullish momentum has not yet dissipated." This article was first published on (Block Guest).
