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Bitcoin surged above the $66,000 mark as Wall Street opened its doors on March 4, showing resilience against "reaccelerating" outflows from its major institutional investment vehicle.
The cryptocurrency's price, tracked by Cointelegraph Markets Pro and TradingView data, experienced an upside, reaching $66,483 on Bitstamp, significantly rising from its previous levels.
Bitcoin also stands poised to reattain its peak of $69,000, a pinnacle not reached since November 2021, with further potential for extension to $70,000 and beyond.
Market Momentum and Predictions
Following a strong weekly close, Bitcoin demonstrated swift gains, with a 5% increase recorded on the day at the time of reporting. With all-time highs hovering less than $3,000 away, market observers speculated on potential future developments.
Venturefounder, a contributor to on-chain analytics firm CryptoQuant, drew parallels to previous market behavior, suggesting a potential repeat of recent volatility triggered by significant events such as exchange crashes. Meanwhile, Keith Alan, co-founder of trading resource Material Indicators, maintained a cautious stance, analyzing potential correction points while acknowledging the possibility of the market surpassing psychological barriers.
Bitcoin Price and GBTC Outflows
Amidst the positive price momentum, Bitcoin's performance remained resilient despite increasing outflows from the Grayscale Bitcoin Trust (GBTC).
According to Coin Telegraph, notable on March 4 was the continued upside in BTC price despite the notable outflow trend from GBTC.
Popular trader Daan Crypto Trades highlighted the re-acceleration of outflows from Grayscale as Bitcoin prices exceeded $60,000. Despite the declining trend observed since mid-January, GBTC remains a significant player in the Bitcoin investment landscape, holding a substantial amount of BTC, as evidenced by data from monitoring resource CoinGlass.
An Inquirer report says Ether, a smaller competitor, has joined the speculation frenzy amid expectations that it might soon witness an influx of investment through exchange-traded funds. With a 50 percent increase year-to-date, it surged to two-year highs, rising by 2.6 percent to $3,518 by Monday.
Bull Market Surges
Despite challenges posed by increased outflows from institutional investment vehicles, Bitcoin showcased its resilience by surging above $66,000.
Market observers continue to speculate on potential price movements and corrections while the cryptocurrency market remains dynamic and responsive to various factors. As Bitcoin approaches new milestones, its performance continues to attract attention and analysis from traders and investors alike.
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