Bitcoin, the flagship cryptocurrency, spiked above $74,000 to hit its highest level since Feb. 4.
The cryptocurrency is still down a whopping 41% from the record high of $126,080 that was achieved on Oct. 6.
The most recent recovery comes after strong inflows recorded by exchange-traded funds.
From March 9 to March 13, Bitcoin spot ETFs recorded net inflows of $767 million, SoSoValue data shows. This is the third consecutive week of net inflows.
Ethereum spot ETFs saw $161 million in net inflows. Solana and XRP ETFs are also in the green.
Notably, the most recent Bitcoin price spike has coincided with gold tumbling below the $5,000 level. Some BTC evangelists are seemingly convinced that this could be a sign that capital rotation is currently underway. Over the past year, gold has absolutely crushed Bitcoin, with the former acting as the ultimate safe haven.
Was $60K the bottom?
As reported by U.Today, Jurrien Timmer, Director of Global Macro at Fidelity Investments, has opined that $60,000 would act as a floor for the leading cryptocurrency. At the same time, he did not rule out that the cryptocurrency could dip lower.
Former BitMEX CEO Arthur Hayes recently predicted that BTC could drop below $60,000 if the current macro vitality continues to persist due to geopolitical instability.
Bitcoin’s precious attempts to gain a foothold above the make-it-or-break-it $74,000 level had ultimately failed. In early March, for instance, he correctly predicted that the Bitcoin rally above $70,000 would falter, given that it was likely a dead cat bounce fueled by software stocks.
However, now that Bitcoin has seemingly decoupled from traditional markets, it remains to be seen whether it will be able to live up to its digital gold label.
Arman Shirinyan
Dan Burgin
