Bitcoin Retreats from Peak as ETF Approaches Futures Limit

On Friday, Bitcoin retreated from a record high as its US futures exchange-traded fund nears the limit on the contracts it is allowed to hold. 

The world’s largest cryptocurrency skidded 3.06% to $62,965.84 per share with a 24-hour change of $2,008.14. 

In addition, it stands with a market capitalization of $1.19 trillion. It also holds a 24-hour volume of $2.39 billion with a $62,060.40 low and $66,625.91 high. 

Earlier, Bitcoin elevated beyond the $65,000.00 resistance. Then, it breached the $66,000.00 and touched a new all-time high close to $66,982.00.

However, it faced a downside correction underneath the $65,000.00 support. 

Subsequently, a break formed beneath the major bullish trend line with support near $63,200.00 on the hourly chart. 

As of writing, the virtual currency continues to trade below $63,000.00 and the 100 hourly simple moving average.

At the same time, there is a low along with $62,050.00 that consolidated BTC’s recent losses. 

Correspondingly, there is an immediate resistance close to the $63,200.00 level. 

Moreover, it is near the 23.60% Fibonacci retracement level of the downturn move from the $66,982.00 high to $62,050 low.

Also, the 100 hourly simple moving average sat above the $63,200.00 level. 

In line with this, a swift break over the $63,200.00 resistance could lead to significant price gains. 

Furthermore, the next major resistance positioned near the $64,500.00 level, whereas Bitcoin could again hike towards the $66,000.00 level.

Remarkably, any price gains could also open doors for a new all-time high above the $67,000.00 level.

Cryptocurrencies Down as Bitcoin Declined

Similarly, most of the altcoins traded red as Bitcoin declined. 

In particular, Ethereum shed 0.87% to $4,131.02. Currently, the world’s second-largest cryptocurrency has a market cap of $485.23 billion and a 24-hour volume of $1.66 billion.

It is the same with Ripple’s XRP as it slumped 3.43% to $1.10. It stands with a market capitalization of $110.21 billion and a 24-hour volume of $4.56 billion.

Similarly, Cardano plummeted 2.43% to $2.19 with a market capitalization of $71.03 billion and a 24-hour volume of $328.12 million. 

Then, Bitcoin Coin lost 1.19% to $631.75 with a market capitalization of $11.92 billion and a 24-hour volume of $47.32 billion.

Consequently, Stellar fluctuated 3.58% to $0.37. It has a market capitalization of $39.76 billion and a $24-hour volume of $74.53 billion.

Also, Litecoin sank 4.30%% to $198.20 with a market capitalization of $13.62 billion and a 24-hour volume of $123.93 million.