Market Wrap

Bitcoin's Wild Four Hours: New Record of $73K, Tumble to $69K, Rebound to $71K, $360M in Liquidations

Momentum behind bitcoin's rally has waned so expect a period of consolidation, Matrixport analysts noted.

Ether also hit a new milestone, recording its highest price since January 2022.

The cryptocurrency has more room to run, analysts say.

The world's largest crypto soared to $64,000 Wednesday before quickly reversing to $59,000, CoinDesk data shows.

Spot bitcoin ETFs are seeing massive inflows of money and BTC is crossing $1,000 milestones one after another in quick succession.

Bitcoin could target $58,000 after the breakout, Swissblock analysts suggested.

Some traders are targeting the $64,000 level in the coming weeks as demand from spot bitcoin exchange-traded fund products grows.

The January CPI reading reduced expectations for interest-rate cuts in the next months, weighing on risk assets such as crypto.

Bitcoin topped Monday the $50,000 for the first time since December 2021, and could run further towards $52,000, one analyst noted.

Spot bitcoin ETFs attracted Thursday their third-largest net inflows since debut, increasing their holdings by 9,260 BTC.

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