Bitcoin’s first-ever pre-halving all-time high prompts a 7% correction in BTC price.

Bitcoin experienced a significant drop of $5,000 on March 5 following a surge in its price to an all-time high, causing widespread volatility. Within just over an hour, BTC/USD recorded a loss of 6.7%, as shown on the 1-hour chart. While market observers acknowledged the current market performance, they also emphasized that it is normal for Bitcoin to pull back after reaching an all-time high in each cycle. Data from CoinGlass revealed that liquidations during the correction from the new highs amounted to nearly $150 million. However, long-term hodlers celebrated the fact that BTC/USD reached new record levels before a block subsidy halving event for the first time, which many considered unprecedented. The recent price cycle was deemed to have possibly accelerated due to the pre-halving move. Analysts pointed out that BTC/USD took around 500 days in previous cycles to reach new all-time highs after a halving, suggesting that progress this time might be ahead of schedule. They emphasized the unique aspects of the market this year and highlighted the importance of Bitcoin’s future behavior in the all-time high region. Traders noted that in 2020, BTC/USD remained sideways below new all-time highs for two weeks before finally continuing its upward movement. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.