The price of Bitcoin increases by 6% and approaches $70,000 at the beginning of the week.

• For the past week, Bitcoin had been in correction mode after reaching an all-time high of $73,797.68 on March 14.
• Bitcoin is expected to end March with a positive balance, despite its drawbacks.

The stock price spiked to reach the $69,000 level during the final week of March.

The price of the flagship cryptocurrency increased by 5% to $3,575.01, according to Coin Metrics. Most other cryptocurrencies also experienced a rise in value due to the bitcoin wave.

The price of bitcoin was represented by a proxy that surged 17%, while advanced 9%. Additionally, the mining sector experienced growth due to bitcoin, with and increasing by 2% and 6%, respectively. Furthermore, rose 16% and gained 12%.

For the past week, Bitcoin had been in correction mode after reaching an all-time high of $73,797.68 on March 14. On last Wednesday, it slid to about $60,800. Alex Thorn, head of research at Galaxy Digital, stated that such declines are typical of historical bull market short-term corrections.

The reason for Monday's big run was unclear, but the cryptocurrency's price action in March has been characterized by new highs followed by healthy pullbacks. Thorn suggested investors were taking a pause from selling shares of bitcoin exchange-traded funds.

Thorn stated that the recent outflows of GBTC, which may have been caused by the bankruptcy liquidations of Genesis and Gemini, contributed to weakness in spot prices. However, several technical indicators suggested that sellers were exhausted.

According to Sam Callahan, lead analyst at Swan Bitcoin, the recent price drop of Bitcoin is likely linked to the messaging conveyed by the Federal Reserve last week.

"The Fed is considering both rate cuts and reducing the pace of its quantitative tightening program this year, which will improve liquidity conditions and positively impact asset prices. Bitcoin serves as an indicator of liquidity conditions and has responded positively to the Fed's announcement that monetary policy will likely ease in the near future."

Bitcoin is poised to end March with a gain, having increased by 12% this month and 64% for the first quarter.