Bitcoin Price Volatility Continues as Bulls Attempt to Reclaim $70K Threshold

Bitcoin's price has been experiencing volatility in recent days, with a brief dip to $66,641 before rebounding above $67,500. The bulls are attempting to reclaim the $70,000 threshold, which was reached earlier this week following a surge in tech stocks and institutional investor demand for spot Bitcoin ETFs.

According to data from crypto.news, the 12 U.S. spot Bitcoin ETFs drew in $506 million in net inflows on Feb. 25, nearly double the figure recorded the prior day. This influx of capital has contributed to Bitcoin's price increase, but some analysts are cautioning that the cryptocurrency may still be in a downtrend.

Ted Pillows, an analyst, noted that Bitcoin's price appears to be forming a recurring fractal pattern that has historically preceded downturns. The bearish flag pattern on the daily chart is also a concern for bulls, as it suggests that the ongoing downtrend may continue.