Bitcoin takes a breather after reaching a new all-time high above $69,000, surpassing its record from 2021.
The OG token briefly surged to $69,200, surpassing its previous record, but soon faced a 6% decline as buyers dwindled.
Here are the key points:
Bitcoin soared to a new high of $69,200, breaking its 2021 record.The frenzy around spot Bitcoin ETFs contributed to the bullish sentiment.After dropping 80%, Bitcoin recovered to reach a new peak.Despite hitting the milestone, Bitcoin retreated to $63,300 by the end of the session, as buyers hesitated to support the high prices.
The rapid ascent has been fueled by investors seeking returns, particularly with the introduction of Bitcoin investment vehicles earlier this year. Since the approval of 11 spot Bitcoin ETFs by US regulators, over $7.5 billion has flooded into these popular investment options.
Looking back, Bitcoin's previous peak of $69,000 in November 2021 was followed by a significant 12-month downturn, wiping out 80% of its value and driving prices down to $15,000. Nonetheless, with the current surge, bulls are triumphant once more while skeptics warn of a bubble, showcasing the cyclical nature of market dynamics.
