Bitcoin pushed to a record high on Tuesday, briefly rising above $69,000 on Coinbase, a level first touched on Nov. 10, 2021. The all-time high didn’t last long however; the world’s largest cryptocurrency has since retreated to around $67,000. There was a market-wide sell-off to as low as $60,800 and more than $1 billion in liquidations amid the volatility. Bitcoin rebounded in Asian morning hours, indicating resilience. Some observers said the selling pressure was likely driven by profit-taking at historical highs and miners offloading some of their bitcoin holdings. Institutional crypto exchange LMAX Digital said in a morning note that the record sets the stage for a push toward $100,000. LMAX also noted that a deeper correction should not be ruled out. “As far as setbacks go, we expect any meaningful setbacks will be exceptionally well supported on dips, with the $50,000 area now seen as a formidable support zone,” said LMAX. “It’s possible there are some quick drops below $50,000. But any such dips should be short-lived.”
Bitcoin Price (BTC) Could Take Direction From Inflation Data This Week
Of the two, the CPI report is of more import and economists are forecasting that gauge to have risen 0.4%...