The cryptocurrency world is experiencing unusual activity today. Bitcoin’s price started to retract shortly after reaching $69,000. There seems to be a battle between bears and bulls. The bears have pulled the Bitcoin price below $65,000. Now, everyone is curious about what will happen next?
Bitcoin Price Falls Below $65,000
As I write this article, Bitcoin’s price has rapidly retracted below $65,000. This situation seems to reflect the landscape of price discovery after a new ATH is reached. With candles being very volatile, it’s hard to predict where the price will stop or bounce back.
At this stage, we must say that the excitement continues. Those accustomed to the volatile nature of the cryptocurrency world know that such movements have occurred before. It was also mentioned that the cryptocurrency market has already been sufficiently stirred up with the recent introduction of Bitcoin ETFs.
What to Expect Next?
What I can say about the future is that after the prices stabilize, the enthusiastic and optimistic mood in the crypto community is expected to continue. There is currently a battle between long and short positions in the market, and this is reflected in the figures. According to Coinglass data, approximately $140 million worth of positions have been liquidated in the last hour.
The next phase will be one where the Bitcoin price determines its new course. However, entries of Bitcoin ETFs are likely to continue. Moreover, there is now a whiff of six-figure Bitcoin prices in the market. Everyone believes in the arrival of these figures. Therefore, the next phase could be one of new records.
