Bitcoin Price Faces Correction Amidst Ongoing Bullish Momentum

Table of Contents

• Brief Correction Underway

• At the time of writing, Bitcoin is trading at $70,722, down 2.93% in the last 24 hours.
• If the price manages to climb above $71,660 then it will likely test $72,760 level.

Judgment against Craig Wright, who claims to have created Bitcoin, has been handed out by UK judge James Mellor, who has made an expected ruling. Now that the court has ruled that Wright is neither Satoshi Nakamoto, the inventor of the Bitcoin code, or the author of the BTC whitepaper, the whole crypto world may breathe a sigh of relief.

The unprecedented success of Bitcoin ETFs has experts wondering how much higher they may go, given they have seen considerably bigger flows and assets than most projected before launch.

With an initial market capitalization of $28.9 billion, the 11 spot bitcoin ETFs have now grown to a combined $61 billion. Due to increased demand and a growing value of bitcoin, their total assets under management are rapidly approaching $97 billion, matching that of gold ETFs. Moreover, experts believe that it might surpass this figure in the near future.

Brief Correction Underway

After reaching a new all-time high on March 14th, the price of Bitcoin was expected to continue rising. An all-time high of $73,794 was achieved, according to data from CoinMarketCap.

At the time of writing, Bitcoin is trading at $70,722, down 2.93% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 26.44%.

The price has witnessed a brief correction after hitting a new all-time high. If the price manages to climb above $71,660 then it will likely surge further to test $72,760 resistance level. However, if the price manages to go below $70,760 level, then it will likely decline further to test $69,540 support level.