Bitcoin price recovers from post all-time high slip, but will the rise sustain?

Bitcoin’s new all-time high of $69,200 on Tuesday March 5^th quickly turned into a selloff, with the Bitcoin price quickly falling almost $10,000 to reach $59.700 USD to one coin.

Bitcoin's price in USD

However, news just in from Bitcoin Archive on X (@BTC_Archive), says that the crypto is back above $66,000 and now has a $1.3 trillion market cap.

At the time of this article going to press, that price had rallied further to $67,178.50 in USD.

8.5 billion in inflows

That's not all from Bitcoin Archive, who also posted recently on X that Bitcoin ETFs have now had $8.5 billion in net inflows since being approved earlier this year.

Predicted, but still a surprise

With all the excitement around the new all time high Bitcoin price that's been brewing this week, a number of experts predicted that Bitcoin's price would face a fall as soon as it had topped $69,000. Read our analyst's prediction from yesterday, for example.

So why has Bitcoin rallied so fast?

The first possible reason for Bitcoin's rally

Tom Cohen, head trader at Algoz Technology, believes this is due to continued bullishness from the approval of Bitcoin ETFs and their significant demand:

The second likely reason for Bitcoin's rally

 Rania Gule, market analyst at XS.com, believe it may have more to do with the lead-up to the Bitcoin halving event occurring soon: