Bitcoin traded lower on Tuesday, retreating from recent highs.
After surpassing USD 68,000 mark, the cryptocurrency pulled back mainly due to significant long liquidations and concerns about the Mt. Gox liquidations.
Repayments from the defunct exchange, including a recent USD 130 million withdrawal moved to Bitstamp, could increase bearish sentiment. Since Monday, long liquidations have been over four times higher than short liquidations, intensifying the selling pressure.
Despite this, the medium-term outlook for Bitcoin could remain positive. Bitcoin ETFs inflowd continue to grow and recorded an influx of over USD 530 million on Monday, potentially supporting the bullish momentum that started last week. BlackRock’s IBIT fund, which attracted nearly USD 19 billion in net inflows, has been a key driver of this bullish trend.
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