Bitcoin (BTC) came close to reaching new all-time highs on March 5, as volatility quickly wiped out late trades.
Data from Cointelegraph Markets Pro and TradingView showed that the price of BTC came within inches of $69,000. Despite daily gains of $5,000, it became clear that the psychological significance of these highs was immediately evident, and bulls were unable to push through. As a result, the market experienced a subsequent reversal, taking it back to the $66,000 range.
A few hours later, flash volatility caused BTC/USD to drop $2,000 in just three minutes. This event resulted in the liquidation of around $20 million in long positions, according to data from monitoring resource CoinGlass.
This sudden drop also had an impact on the record-high open interest. However, it quickly rebounded to reach approximately $31 billion at the time of writing.
In a grim repetition of events from a week ago, Coinbase, the largest cryptocurrency exchange in the United States, experienced another outage. Just like before, customer balances were shown as zero, leading to increased criticism. Some experts, such as James Van Straten, a research and data analyst at crypto insights firm CryptoSlate, suggested that Coinbase had the technical capability to handle the load and that other factors were at play behind the scenes. Coinbase’s support account on Twitter confirmed that the issue had been resolved.
When discussing whether Bitcoin could break through the final hurdle before price discovery, popular market participants appeared confident. Trader Kaleo likened the current situation to the 2020 breakout, which surpassed the previous all-time high of $20,000 that had been in place since 2017. Fellow trader Jelle also dismissed the idea that $69,000 would mark a “triple top” pattern for BTC/USD.
A further post predicted a fresh surge for altcoins once Bitcoin breaks its all-time high, which is in line with historical precedent. Jelle commented that history is repeating itself, and those who are looking for bearish signs are missing out.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.