
Bitcoin (^BTCUSD) today is trading -0.9% lower, but has retraced only a small part of Tuesday’s rally of +5.43% and Wednesday’s rally of +6.45%. Bitcoin on Wednesday posted a new 2-1/4 month high and stopped just shy of April’s 1-year high. Bitcoin is down by -56% from its record high of $68,992 posted in November 2021.
This week’s bitcoin rally was sparked mainly by a spate of new crypto ETF applications to the SEC. Invesco (IVZ) and Wisdom Tree (WT) this week filed for spot bitcoin ETFs.