What Comes After Bitcoin’s (BTC) Flirt With Record High

Bitcoin pushed to a record high on Tuesday, briefly rising above $69,000 on Coinbase, a level first touched on Nov. 10, 2021. The all-time high didn’t last long however; the world’s largest cryptocurrency has since retreated to around $67,000. There was a market-wide sell-off to as low as $60,800 and more than $1 billion in liquidations amid the volatility. Bitcoin rebounded in Asian morning hours, indicating resilience. Some observers said the selling pressure was likely driven by profit-taking at historical highs and miners offloading some of their bitcoin holdings. Institutional crypto exchange LMAX Digital said in a morning note that the record sets the stage for a push toward $100,000. LMAX also noted that a deeper correction should not be ruled out. “As far as setbacks go, we expect any meaningful setbacks will be exceptionally well supported on dips, with the $50,000 area now seen as a formidable support zone,” said LMAX. “It’s possible there are some quick drops below $50,000. But any such dips should be short-lived.”

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