Bitcoin (BTC-USD) briefly fell below $35,000 on Tuesday for the first time in nearly a week, but price charts show the bull market is still alive and well.
The most popular cryptocurrency 3.9% retreat After reaching nearly $38,000, it rose to $35,000 at 3:37 p.m. ET. On Thursday, amid growing optimism about the chances of Spot Bitcoin being approved (BTC-USD) Exchange Traded Funds.
Looking at the year-to-date chart of Bitcoin (BTC-USD), it is clear that the price of the token has been experiencing highs and lows, with each bottom being higher than the previous low. BTC has been around $16.7,000 since the beginning of the year.
Greg Moritz, chief operating officer and co-founder of crypto hedge fund Ortab Capital, said: “Even in bull markets, big uptrends are followed by pullbacks, as we’re seeing here. It is noteworthy that this is often the case.” “This is expected and part of a healthy market. Overall price trends, market sentiment, and the continued increase in institutional interest in cryptocurrencies all remain bullish.”
BTC was not alone in terms of intraday weakness.Ethereum (ETH-USD) falls 4.9% XRP (XRP-USD) falls to $1.98,000 12.3% BNB (BNB-USD) -1.9%. Solana (SOL-USD) was one of the only major tokens to defy the market-wide correction by market capitalization and rose. 3.7%.
Cryptocurrency-related stocks vary: Riot Platform (RIOT) -0.9%Marathon Digital (MARA) +0.3%MicroStrategy (MSTR) -6.1%Coinbase (COIN) +0.4%and Bit Digital (BTBT) +5.7%.