Bitcoin Price Eases Below All-Time High, Floats Near $61,000

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Created by TradeOr

3rd Party Analysis 16 Apr 2021

Key Takeaways

  • Bitcoin trades to the downside on Friday, lower by roughly 4%
  • Following the recent highs, the crypto asset is still in the green for the week by nearly 3%

Bitcoin Price Eases Below All-Time High

The price of Bitcoin has retreated from its all-time high levels reached on Wednesday. Currently, Bitcoin is trading at $61,700 as the market seems to have pulled back from its peak. The cryptocurrency spiked to its historical top on Wednesday, right before Coinbase was listed as a publicly-traded company in the US. The world’s largest coin then shot to a high of $64,850 but then quickly subsided to lower levels.

Since then, the apex token is lower by 5.7% as market participants are taking a breather to cool down from the latest bull run to new heights. Bitcoin remained largely favored throughout the week, advancing nearly 9% to its weekly top, and roughly 3% from Monday to the current market price. On Friday, the asset has slipped from its session high of $63,800 to a low of $61,000, a decline by over 4% on the day.

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Still in the Green

Still, Bitcoin remains well above its recent lows near the $55,000 mark. The first quarter of April turned out relatively quiet and trading was mostly sideways and to the downside. That led the price to decline to its monthly low of $55,400 on April 7. However, heavy buying momentum weighed on the market and lifted the number one crypto asset by 17% to its all-time high on April 14.

For the month of April, Bitcoin has had a relatively unimpressive performance percentage-wise. Month-to-date, the cryptocurrency is higher by around 4.5%. The two-week result, however, is significant in a few ways. Bitcoin marked its first ever two-week period during which its market value hovered above the crucial $1tn milestone. Since March 27, Bitcoin has been holding above the $1tn mark with a peak at $1.2tn on April 14. And for the last three days, the coin has not yet fallen below the $60,000 level.

Given the large size of the digital asset, for Bitcoin to move with 10% at current levels, it will take nearly $120bn of cash inflows, or more than the market value of American Express or General Electric.

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