BTC/USD: Bitcoin Cools Off After Knocking Out Fresh All-Time High Above $69,000, Smashing 2021 Record

OG token briefly topped its previous record, surging to $69,200. Shortly after, no buyers were found and price tanked 6% on the day.

Key Points:

• Bitcoin broke its 2021 record, soaring to $69,200.
• Spot Bitcoin ETF frenzy bolstered the narrative.
• BTC lost 80% before recovering to a new high.
• Bitcoin prices BTCUSD rocketed to an all-time high of $69,200 on Tuesday, shattering the previous record set in 2021. All that excitement was just enough to secure the new milestone as the orange coin’s prices retreated on the day and closed the session down 6% at $63,300 a pop. As it turned out, no willing buyers were found to keep bidding above the scary price tag.
• The breakneck rally has been underpinned by return-hungry investors who’ve been bidding heavily this year, cheering the recently-launched Bitcoin investment vehicles. The price has soared more than 50% since early January when US regulators gave the greenlight for 11 spot Bitcoin ETFs (exchange-traded funds). More than $7.5 billion has been injected into the hot ETFs since their launch.
• Zooming out, Bitcoin’s previous record of $69,000 in November 2021 was followed by a painful 12-month pullback which erased a whopping 80% of Bitcoin’s valuation and prices cratered to $15,000. Now, however, all the bulls are geniuses again and all the bears are calling it a bubble. The cyclical nature of markets, unfolding before our eyes.