Bitcoin Pulls Back Slightly After Racing to $68,500
Bitcoin

Bitcoin Pulls Back Slightly After Racing to $68,500

It comes after BTC managed to crack $67,000 for the first time late on Monday — prompting new speculation that the digital asset could enter six-figure territory during this bull cycle.

Bitcoin Pulls Back Slightly After Racing to $68,500

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Bitcoin has experienced a pullback after rallying to unprecedented highs of $68,530.34.
The world's biggest cryptocurrency cooled to $67,624 as of Tuesday afternoon U.K. time.
It comes after BTC managed to crack $67,000 for the first time late on Monday — prompting new speculation that the digital asset could enter six-figure territory during this bull cycle.
Although some analysts have stated that Bitcoin now faces little resistance as it enters price discovery mode, there is one big hurdle in the short term: a "sell wall" at $70,000.

This means that Bitcoin may need strong buying pressure, significant sums of money — and a little bit of patience — in order to punch through this psychologically significant milestone.

At the time of writing, BTC is up 2.62% over the past 24 hours, and 7% on the week. 
When it comes to the top 10 cryptocurrencies by market cap, the strongest performer is currently Cardano — rallying by a cool 12.37% over the past 24 hours.

The bullish surge is slowly but surely changing the landscape of the rankings. Bitcoin, Ether, Binance Coin, Cardano and Solana now make up the top five — with Tether pushed into sixth place.

As Bloomberg Intelligence's Mike McGlone notes:

"Stalwart crypto dollars Bitcoin and Ethereum are poised to stay atop the ecosystem vs. about 13,000 rivals jockeying for speculative leadership. Binance Coin, Cardano and Solana have replaced XRP, Bitcoin Cash and Chainlink near the top from a year ago."

Crypto analyst Michaël van de Poppe, who was recently interviewed on the CoinMarketRecap podcast, says BTC supplies among long-term holders is now a key indicator to watch. And striking a cautionary tone, he added on Tuesday:

"Euphoria going through the roof. Yes, the market is easy, but be aware of the fact that markets can turn the other way quite fast. Don't forget to take profits."

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What's Next?

The latest bullish surge seen across the crypto markets means that the total market cap of all digital assets is now nearing $3 trillion.
Bitcoin's achievement has been made all the more remarkable by how it collapsed from highs of $64,000 in mid-April to lows of $30,000 in June.
A number of analysts are confident that BTC's bull run will last until the end of this year — potentially extending into the first or second quarter of 2022.
Price targets for Bitcoin do vary. While some believe $90,000 is a realistic year-end target, stock-to-flow model creator PlanB has forecast a price of $135,000 by the end of 2021.
As BTC's blockchain nears its 13th birthday, a pattern of four-year cycles has emerged — with the cryptocurrency's value racing dramatically higher in both 2013 and 2017.

On Crypto Twitter, endless charts suggest that BTC remains at an early stage in its current bull run, and still has the potential to go parabolic.

Of course, past performance doesn't always indicate what's going to happen in the future. 

Fundstrat wrote in a note to clients:

"This breakout in Bitcoin might signal the start of a final push-up for the fourth quarter before the crypto market shows more pronounced consolidation into next year. Strength in Bitcoin, Ethereum and many other altcoins looks likely in the weeks to come."