Bitcoin price has reached a psychological resistance that could lead to short-term correction and pave the way for altcoins to bloom before proceeding to the price discovery phase.
Despite the notable cash inflows to the spot Bitcoin ETFs led by BlackRock, Fidelity, and Ark Invest, the GBTC outflow has significantly weighed heavily on the bullish sentiment.
Bitcoin (BTC) price closed February very close to the all-time high (ATH) the lowest point of the 2022 bear market. The flagship coin rallied against all odds on Wednesday to reach a fresh 25-month high of around $64,000.
However, Bitcoin price retraced around 5 percent on Thursday and was trading around $62,121 on Friday during the London session.

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The heightened Bitcoin volatility has triggered heightened crypto liquidations in the past few days, whereby nearly $300 million was rekt in the 24 hours leading to Friday. Nevertheless, Bitcoin bulls in the long haul are in control with the fourth halving less than 50 days from h

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