The price of bitcoin {{{BTC}}} fell to a low of $67,000 during Friday’s Asian trading hours, down 7%, before recovering to around $68,500.

The CoinDesk 20 index, a benchmark for the largest and most liquid digital assets, fell 6%. Data from CoinGlass shows that more than $100 million in long positions were wiped out in the last 12 hours, while $167 million in long positions were liquidated in the last 24 hours.

Other assets such as gold and Wall Street’s tech-heavy Nasdaq index have also come under pressure this week.

Some analysts are describing BTC’s pullback from record highs as a typical bull breather after sharp uptrends.

“The recent strong (US) CPI data has further cooled expectations of a Fed rate cut, and gold prices have also fallen. The recent rise in bitcoin prices has been too fast for the market to price correctly, so the current correction is expected,” Greta Yuan, head of research at VDX, a Hong Kong-licensed exchange, said in a note.

Adrian Wang, founder and CEO of Metalpha, said the market could adjust to uncertainties ahead of the halving of mining rewards next month.

“The historical trading volume of Blackrock’s Bitcoin ETF has caused some unrest in the market, with some stakeholders fearing that Bitcoin’s price may rise too much too quickly and could experience a flash crash,” Wang said in an email interview with CoinDesk. “The price correction indicates that the market is adjusting its expectations regarding Bitcoin, given the uncertainties also created by the halving event.”

That said, the dips are likely to be temporary, according to Singapore-based QCP Capital.

“It is very difficult for this short sell-off to put a lasting dent in the uptrend as long as daily demand for BTC spot ETFs remains strong,” Singapore-based QCP Capital said in a note posted Friday morning on Telegram was published. Volatility is expected this weekend as the market prepares for the release of the Federal Open Market Committee minutes next week.

“The (QCP) office has seen strong demand for BTC 100-150k calls at the end of the year,” it continued in the note.

A forecast market contract on Polymarket gives a 38% chance that BTC will close above $70,000 in US Eastern Time on Friday afternoon, down from a high of 90% earlier this week.

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