Bitcoin shows continued momentum, soaring to a high of $73,887 with no signs of tiring.
In the cryptocurrency market, Bitcoin (BTC) opened a new session by hitting an all-time high of $73,887 (on EXMO), before briefly reaching $74,000 and falling sharply. This surge in volatility followed a record day with total net inflows exceeding $1 billion, according to data from BitMEX Research.
Data shows Blackrock recorded a historic $849 million cash inflow for its spot Bitcoin exchange-traded fund (ETF) as demand continues to grow.
Meanwhile, according to data from Coin Ranking, Bitcoin exceeded $78,000 on Korean cryptocurrency exchanges such as Bithumb and Coinone. However, this apparent price gap is due to a phenomenon known as the kimchi premium, as previously reported by crypto.news.
Bitcoin’s recent rally follows a recent decline below $69,000 on March 12, when the largest cryptocurrency by market capitalization briefly fell to around $68,600. Despite this setback, Bitcoin appears to be gaining strength again and long-term traders are hoping for further positive moves.
As of this writing, the number of long positions exceeds the number of short positions by nearly $10 million, according to data from Coinglass.
Meanwhile, analysts at QCP Capital observed weakening front-end volumes, with Ethereum (ETH) volumes experiencing larger declines compared to Bitcoin. They suggest that investors looking to take advantage of higher yields without taking on directional risk may view current price levels as “another opportunity to sell spot spreads at these high levels.”