- Bitcoin (BTC) broke its all-time high price and hit a high of 73,794 on BitStamp.
- The price of BTC is $67,764 today, a 7.5% decrease in the past 24 hrs and a 0.4% increase in the past 7 days.
- Bitcoin crashed 10.11% in less than 24 hours after hitting its all-time high price on March 14, 2024.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 49.4%
- Bitcoin Market Cap: $1.329 trillion
- Total Supply: 21 million
- Circulating supply: 19.654 million
Bitcoin market cap dominance increased this week from 49.2% to 49.4%. The tiny increase signifies that volume is moving from Bitcoin into other chains. Bitcoin’s market grew by $16 billion in comparison.
This metric may indicate a full-blown alt season over the next couple of weeks, Already we have seen Binance Coin (BNB) and Solana (SOL) leading the charge, rising by double-digit percentages.
Previous Bitcoin Price Analysis
Last week Bitcoin price showed promise of reaching $77,000. Experts were still bullish on it and indicators concurred.
The price had hit a small amount at $69,356 forming a local top. But the bulls were coming in for another test at the resistance level.
A strong bullish momentum saw the price slice through this barrier and Bitcoin finally, for the time in its history, hit $70,000.
The asset went ahead to establish a new all-time high price at $73,794. However, it did not reach our pivot target of $77,000.
$73,794 marked the top for Bitcoin (BTC) as a rounded top formed on the 4-hour chart, and bears pushed the price lower to $65,569.
Bitcoin May Retrace Back to $60,000 Before Bouncing Back Up
There is a strong bearish momentum currently underway on the Bitcoin chat. The price action has sliced through the 50-day simple moving average (SMA), which sets a bearish precedence for Bitcoin.
The next support areas below the 50-day SMA are $62,000 and $59,000. The blue band on the chart also happens to coincide with the 200-day SMA, which is known to be very strong support or resistance, depending on which side the price action is approaching.
Between the current price of $67,804 and $62,000, there is only one weak support in the $65,000 area.
Over the next few days, expect to see Bitcoin retracement increase to the $65,000, or to the $62,000, or to the $59,000 level.
If Bitcoin’s price breaks below $59,000, this indicates a market reversal, and we would be in a bearish market.
If the supports hold well, BTC may bounce and reach $77,000, even $83,000 if the bullish momentum is strong.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you should not make investment decisions based solely on what you read here.