Bitcoin (BTC) Price Eyes Record This Week

Bitcoin (BTC) will reach an all-time high before the week ends, according to Markus Thielen, head of research at 10x. “Price action during the weekend is always important to follow and while attempts have been made to [liquidate] leveraged long positions, there are no sellers,” said Thielen in a note titled, “Everybody Will Be Astonished by Bitcoin’s Price Action This Week.” The cryptocurrency reached a record in euro terms on Monday and was trading at around $66,839 at press time on Tuesday, less than 3% shy of its all-time dollar peak of $69,000, touched in November 2021. The broader CoinDesk 20 Index (CD20) was higher by 4.7%. According to Laurent Kssis, a crypto ETP specialist at CEC Capital, another rally could be on the way. Buying pressure looks strong from retail investors, who consider the recent spot bitcoin exchange-traded fund (ETF) inflows to be a key momentum phase. “Inflows are still very supportive and not quite yet over, which may and could continue to push the price upwards in the crypto currency markets,” he said.