Bitcoin Dumps $5,500 After Returning to ATH of $69,000
The world's largest cryptocurrency, Bitcoin, faced a wave of profit-taking from investors immediately after reaching the all-time high (ATH) of $69,000 for the first time in over 2 years.
Bitcoin dumps $5,500 after returning to ATH of $69,000
On the evening of March 5th, Bitcoin (BTC) surged to $69,000 for the first time since November 2021, marking the highest peak in the 15-year history of the world's number one cryptocurrency.
This achievement follows a remarkable recovery since October 2023, amidst signals affirming the impending approval of Bitcoin spot ETF proposals.
Bitcoin ETFs, approved in January 2024, have consistently accumulated BTC, with daily purchases nearing half a billion dollars in February, pushing Bitcoin from $42,000 to over $60,000.
[1/4] Bitcoin ETF Flow - 04 March 2024
— BitMEX Research (@BitMEXResearch) March 5, 2024
All data in. Very strong day with +$562m net flow. Fidelity very strong with a record day
Not the best day for diversity, with smaller players BTCO, HODL & BTCW all having outflows pic.twitter.com/drCrg6EzsN
Continuing its upward trend in March, BTC maintained stable growth, gradually surpassing previous milestones before officially returning to $69,000 around 10:00 PM on March 5th.
However, immediately after hitting the peak, Bitcoin experienced a sharp correction, with selling pressure driving BTC down to $64,500.
15-minute chart of BTC/USDT pair on Binance at 11:20 PM on March 5th, 2024
Bitcoin's sudden dump had a significant impact on many cryptocurrencies, particularly meme coins that had seen rapid gains in recent days.
In the past hour alone, nearly $140 million in derivative contracts were liquidated, with long positions accounting for 91%.
Derivative liquidation data, screenshot from CoinGlass at 11:20 PM on March 5th, 2024
