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Right now, it seems like the $73,000 level is acting as a resistance area in the market. Buyers are trying to pick up value, causing the market to shoot up 92% over six weeks and bounce around. This volatility can be expected as the market digests all the information.
It’s important to note that the ETF is now a major driver of Bitcoin, along with institutional investors. This can help in reducing the overall volatility of the market. This shift may lead to Bitcoin behaving more like an index, making it a steady long-term investment with occasional noisy periods.
If you’re looking for insights into today’s economic events, make sure to check out our economic calendar for up-to-date information. Stay tuned for more valuable content and analysis on the stock market and trading strategies from Extreme Investor Network.