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Bitcoin bulls reclaim $60,000 after post-Halving dip

Published 03/05/2024, 10:24 pm
Updated 03/05/2024, 11:00 pm
© Reuters.  Bitcoin bulls reclaim $60,000 after post-Halving dip
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Bitcoin (BTC) managed to recoup some early-week losses on Thursday by closing 1.2% higher at $59,060.

Bulls were struggling to make any further progress in early Friday though, with the BTC/USD pair staying below the $59,100 mark as traders struggled to reclaim $60,000, given the pile of sell orders accrued at this price point, per Binance’s order book.

That was until a mid-afternoon surge sent the world's largest cryptocurrency a few percentage points higher to $60,400 at the time of writing.

Bitcoin has been hit by a post-Halving bout of profit taking and a sharp reversal in exchange-traded fund inflows.

Farside Investors data showed one of the worst days of ETF outflows on record on Thursday, with over $563 million leaving the market. Thursday saw another $34 million of outflows.

Week on week, bitcoin is currently down 6%, with Ethereum (ETH), the second-largest cryptocurrency down around 3.5%.

In the broader altcoin space, BNB, Solana (SOL) and Ripple (XRP) have all dipped in the mid single digits, while Dogecoin (DOGE)’s week-on-week losses have extended the upper single digits.

Global cryptocurrency market capitalisation currently stands at $2.24 trillion, with bitcoin dominance at 52.8%.

Read more on Proactive Investors AU

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