It was a big week for the crypto markets, with yet another ATH for BTC but also a violent retracement.
As the fourth Bitcoin halving approaches and is about a month away, the primary cryptocurrency’s price experienced something it hadn’t done before – to chart a new all-time high before that significant event.
In fact, that happened last week but only intensified during the past several days. The weekend went as it typically does, in a quiet manner, as the asset had calmed at around $69,000.
This Monday, though, mimicked the previous one in terms of daily gains, and BTC skyrocketed to nearly $73,000 to chart yet another all-time high. The bears were quick to intervene and pushed the cryptocurrency south almost immediately, and it slipped to under $69,000.
However, the bulls returned quickly to the scene and propelled another leg up, which resulted in a fresh all-time high of almost $74,000. This meant that BTC’s year-to-date gains had soared to over 60%.
However, this is where another retracement arrived, perhaps propelled by investors cashing out some profits. In just a matter of hours, Bitcoin slumped by roughly eight grand and fell to a weekly low of under $66,000.