Finance News
By Bruce Buterin
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Bitcoin shot up more than 7% today, breaking past $69,000 after weeks of pretty brutal selling pressure that had traders wondering if the bottom would ever come.
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Since October, Bitcoin got hammered from around $125,000 all the way down to near $60,000 in February - that's basically a 50% haircut that left a lot of folks nursing some…
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Bitcoin bounced right off that 0.786 Fibonacci level near $62,000, which had been holding up as support for several trading sessions.
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Now Bitcoin sits back in January's trading range, but the real test comes around the mid-$70,000s.
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The mining data tells an interesting story. Hash Ribbon indicators are almost flashing a recovery signal after nearly three months of miner stress - one of the longest stretches…
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Even with today's move, Bitcoin still faces headwinds.
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On-chain data shows a huge chunk of supply remains underwater, meaning lots of holders are still sitting on losses.
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Glassnode dropped some analysis on February 25th pointing out how institutional interest seems to be picking up again.
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Cathie Wood from ARK Invest weighed in on the action. "Bitcoin's resilience in bouncing back above the $69,000 mark underscores its potential as a long-term store of value," she…
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JP Morgan analysts think breaking $70,000 could open the door for more gains, but they're not getting too excited yet.
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Not everyone's convinced this bounce has legs. The February selloff from October's highs left a lot of scars, and some investors remain pretty cautious about jumping back in.
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Michael Novogratz from Galaxy Digital chimed in February 25th, calling Bitcoin's rebound a testament to its staying power with both retail and institutional crowds.
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Grayscale reported increased investor interest in its Bitcoin Trust (GBTC) on the same day. The trust's shares have been trading at a discount, which some see as an attractive…
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Fidelity announced plans February 25th to expand crypto offerings beyond Bitcoin. The move aims to meet growing client demand for digital asset diversification, showing how…
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Traders are watching whether Bitcoin can hold above $69,000 or if sellers will step back in.
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