Bitcoin at $65.5K: Rebound Stalls at the 61.8% Fibonacci Level
PriceONN Editorial Desk
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Market Overview
The crypto market capitalisation has remained steady at $2.26T since Tuesday’s close. Interestingly, such a lull is not being observed in the foreign exchange or equity markets, which refutes the notion of a lull ahead of the new Fed Chair’s first meeting. It appears the recovery rally has lost momentum near the 61.8% Fibonacci retracement level, and cryptocurrency investors are awaiting fresh signals. Should the market reverse lower, it could return to the $2T range fairly quickly.
Bitcoin has pulled back to $65.5K and is at the centre of the upward trading range within which the rally has been unfolding over the last 11 days. For now, price action fits a relatively positive scenario, although the rapid loss of recovery momentum is noteworthy.
News Background
Experts are divided on whether Bitcoin has bottomed out. However, for long-term investors, the exact entry point is not decisive if the asset is expected to rise to $100K or higher, according to Bitwise.
Bitcoin’s recurring cycles of boom and bust are a perfectly normal phenomenon that should not undermine investors’ confidence in the long-term growth potential of the first cryptocurrency, said Brian Armstrong, CEO of the cryptocurrency exchange Coinbase.
According to Arkham, the US’s largest miner, MARA Holdings, acquired 1,000 BTC at an average price of $66.7K per coin. The US mining company’s Bitcoin holdings have reached 36,303 BTC. In the first quarter, MARA sold 20,880 BTC for $1.5 billion at an average price of $70.1K.
Publicly listed Bitcoin miners are increasingly transforming their data centres into infrastructure for artificial intelligence (AI). This trend is gaining momentum amid rising capital expenditure in the AI sector and demand for sites with access to electricity.
Strategy founder Michael Saylor has presented a five-tier model of the Bitcoin economy. In his view, Bitcoin will evolve from a simple asset into the foundation of the global financial architecture.
BlackRock has launched a Bitcoin ETF with an options strategy and “potentially lower volatility”. If BTC falls, options income may partially offset losses, while during a sideways trend or moderate growth, it may improve returns. However, a sharp rise in the asset’s price will limit its potential.
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