Bitcoin slipped below the $70,000 level on Friday as cryptocurrency markets experienced a broad pullback following weeks of strong gains.
Profit-Taking After Rally
The world's largest cryptocurrency by market capitalization fell approximately 2.5% over the past 24 hours, trading around $69,400 at the time of writing. The decline comes after Bitcoin had rallied more than 15% over the preceding three weeks.
Analysts attributed the pullback primarily to profit-taking by short-term traders rather than any fundamental shift in the market narrative.
Ethereum and Altcoins Follow
Ethereum dropped 3.1% to trade below $2,100, while most major altcoins posted similar or larger declines. The total cryptocurrency market capitalization fell by approximately $80 billion in the session.
Institutional Interest Persists
Despite the short-term weakness, institutional interest in Bitcoin remains strong. Spot Bitcoin ETFs continue to see net inflows, with several major asset managers reporting increased allocations from pension funds and endowments.
"Pullbacks of this magnitude are perfectly normal and healthy in a bull market," noted one crypto analyst. "The underlying demand picture remains very constructive."
