Bitcoin ended Wednesday where it started the day, trading at $65.5K. Enthusiasts continue to buy back the first cryptocurrency on dips closer to $65K. On the other hand, Bitcoin’s inability to rise is alarming, although the day before, we saw a weaker dollar and stronger stock indices, which is fuelling risk appetite.
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Bitcoin briefly broke above $73K in a sharp move, triggering an avalanche of stop orders that drove the price down 6.5% over the next three hours to $68.6K – precisely the level from which the last rally began on Monday.
The cryptocurrency market is developing gains, rising 2.2% on the day to $2.17 trillion. These levels replicate the April 2022 peak. Bitcoin is now only 15% below its all-time high, while total capitalisation is 38% below its peak.