Bitcoin Rebounds Above $70,000 Level

Bitcoin (BTC), the largest cryptocurrency by market capitalization, rebounded over 5% to reclaim the key $70,000 level.

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The rebound was driven by a net outflow in spot bitcoin ETFs, causing a cool-off in sentiment.

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Galaxy Digital's Alex Thorn attributed the renewed buying interest to a pause in bitcoin ETF selling and improving technicals.

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Grayscale’s Bitcoin Trust (GBTC) led outflows last week, with investors withdrawing $1.9 billion from the fund, leading to a net outflow of roughly $900 million across all bitcoin ETFs for the week ending March 22.

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Swan Bitcoin analyst Sam Callahan attributed bitcoin's rebound to improving macro fundamentals after the Federal Reserve reaffirmed three quarter-percentage point cuts by the end of the year.

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Bitcoin's price found buying support at the key 38.2% Fibonacci retracement level, just above the closely watched $60,000 area.

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A breakout above the current record high at $73.835.57 would likely see a continuation of the bullish momentum.

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Bitcoin Rebounds Above $70,000 Level

Bitcoin Rebounds Above $70,000 Level

Bitcoin (BTC), the largest cryptocurrency by market capitalization, rebounded over 5% to reclaim the key $70,000 level.

The rebound was driven by a net outflow in spot bitcoin ETFs, causing a cool-off in sentiment.

Galaxy Digital's Alex Thorn attributed the renewed buying interest to a pause in bitcoin ETF selling and improving technicals.

Grayscale’s Bitcoin Trust (GBTC) led outflows last week, with investors withdrawing $1.9 billion from the fund, leading to a net outflow of roughly $900 million across all bitcoin ETFs for the week ending March 22.

Swan Bitcoin analyst Sam Callahan attributed bitcoin's rebound to improving macro fundamentals after the Federal Reserve reaffirmed three quarter-percentage point cuts by the end of the year.

Bitcoin's price found buying support at the key 38.2% Fibonacci retracement level, just above the closely watched $60,000 area.

A breakout above the current record high at $73.835.57 would likely see a continuation of the bullish momentum.

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