Bitcoin’s Price Soars to 2-Week High as Volatility Clears Orders

Bitcoin has just reached a new 2-week high after reaching $71,754 on Bitstamp. The price has dropped down a bit afterwards, but it’s still a 2-week high and clearly in bull territory. There were some concerns about further drops in the middle of the previous week, but Bitcoin has cleared any doubts about its bull run weeks before the halving.

After reaching the aforementioned price, it dropped by $1,300 in minutes. Bulls fought fiercely to flip the $69,000 key support. Data from exchanges and trading spots shows that Bitcoin ETFs are an encouraging mark. The day prior to reaching the top price, there were net inflows of around $400 million. Wall Street began trading around 1,300 BTC from the Bitcoin Grayscale Trust, and those figures were uploaded to X.

Truly High Volatility

According to several experts on Twitter, we’re seeing some extremely high volatility at the moments. The local highs have filled a large wall of BTC sell orders. Market observers have noticed liquidating short BTC positions. Bids are thickening around the $69,000 mark, which has remained a potential safety net.

Trader CryptNuevo hopes for an attack on the $74,000 price mark soon. He tweeted that liquidity on both sides is likely to go for upside liquidations at around $74,100 as it’s closer to the current price. At the moment, Bitcoin is trading right below $70,000. Many have been confused by the highly volatile prices, but experts are calling for calm. With the upcoming halving, price swings are to be expected. Price drops of around 10% or more are expected after the halving. That might continue for months, but one thing’s for sure – the higher the price before the halving, the better Bitcoin’s position for the future. Suddenly, those $100,000 price predictions or higher don’t look so distant.

Corrections are normal around and after the halving, and will put Bitcoin on a projection for new all-time highs. It remains to be seen how the market moves in the coming weeks, with the halving taking place in April 2024.