Why Bitcoin has suffered a sharp pullback from record highs – and what might happen next

Bitcoin has suffered a sharp pullback from record highs. The world’s biggest cryptocurrency fell to $66,885 in the early hours of Friday – down 9%. Only yesterday, the digital asset had been touching an unprecedented price of $74,000. Image: Bitcoin’s price over the past week. Pic: CoinGecko It is difficult to pinpoint a single reason for Bitcoin’s sudden contraction, as several are at play. For one, many crypto traders will be taking profits off the table after an extraordinary bull run that’s seen BTC surge by 175% over the past 12 months. Another relates to wider uncertainty in the global…