The Currency analytics
By Bruce Buterin
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.
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…
Bitcoin bounced right off that 0.786 Fibonacci level near $62,000, which had been holding up as support for several trading sessions.
Now Bitcoin sits back in January's trading range, but the real test comes around the mid-$70,000s.
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…
Even with today's move, Bitcoin still faces headwinds.
On-chain data shows a huge chunk of supply remains underwater, meaning lots of holders are still sitting on losses.
Glassnode dropped some analysis on February 25th pointing out how institutional interest seems to be picking up again.
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…
JP Morgan analysts think breaking $70,000 could open the door for more gains, but they're not getting too excited yet.
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.
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.
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…
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…
Traders are watching whether Bitcoin can hold above $69,000 or if sellers will step back in.