- Bitcoin (BTC) broke its all-time high price and hit a high of $69,000 on BitStamp.
- The price of BTC is $66,994 today, a 1.4% increase in the past 24 hrs and a 9.0% increase in the past 7 days.
- Over $750 million worth of Bitcoin Longs were liquidated on Tuesday, March 5, 2024.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 49.2%
- Bitcoin Market Cap: $1.316 trillion
- Total Supply: 21 million
- Circulating supply: 19.648 million
BTC witnessed massive growth this week, rising and breaking its all-time high price. Concurrently, BTC established a record market cap of $1.336 trillion. The market cap dominance of BTC is down this week because of the alt season that began Tuesday this week.
Altcoins are expected to rally massively for the next three weeks leading to Easter, and subsequently Bitcoin halving week.
Previous Bitcoin Price Analysis
Last week, Bitcoin witnessed an impressive rally caught in a resistance at $64, 131. The market was greedy and some investors thought BTC would return to $59,000.
Bitcoin did not retrace. Instead, the price action formed a small bullish pennant before breaking higher and hitting record highs of $69,210. This so happens to be Bitcoin’s new all-time high price in history.
It is worth noting that in all previous super-cycles, Bitcoin has never surpassed its all-time high pre-halving.
- 1st halving: BTC broke its all-time high price 54 days after halving.
- 2nd halving: BTC broke its all-time high price 229 days after halving.
- 3rd halving: Bitcoin broke its all-time high price 174 days after halving.
Bitcoin Bulls Eye $77,000 as the Next Milestone
Bitcoin price rallied strongly and topped out near our price target of $69,356. However, do not fret because Bitcoin is not done yet. This pivot proved to be a strong resistance point because it coincided with Bitcoin’s previous ATH price.
Similar to what happened around the first pivot ($64,131), Bitcoin bulls got rejected and the price dumped sharply to $58,000 before rising again, resulting in over $750 million worth of BTC longs being liquidated on March 5, 2024.
BTC price is currently between $64,131 and $69,356. This zone can quickly become a consolidation zone as we move toward the BTC halving week a month from now.
Should BTC break above $69,356, expect to see a $77,000 BTC fast. However, if bears win the fight and BTC breaks lower than $64,131, then expect to see $58,931, and $53,000. Further sell pressure could push the asset down to $47,000.
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.