Bitcoin Hits New ATH at $69,990 and Immediately Corrects
After 2 years and 3 months of anticipation, Bitcoin finally reached a new all-time high (ATH).
Bitcoin hits new ATH at $69,990 and immediately corrects
Around 10:30 PM on March 8, 2024, Bitcoin surged to $69,990, officially setting a new all-time high (ATH) after surpassing the previous peak of $69,000 in November 2021.
However, shortly after reaching the new ATH, the world's largest cryptocurrency experienced a sharp correction to $66,500. Similar to previous ATHs on March 5 and February 28, there was significant selling pressure whenever BTC approached new highs.
15-minute chart of BTC/USDT pair on Binance at 11:05 PM on March 8, 2024
Market liquidation data indicates that over the past hour, more than $111 million in derivative orders were liquidated, with 68.7% of them being long positions.
Market liquidation data for derivatives, screenshot from CoinGlass at 11:05 PM on March 8, 2024
Bitcoin's upward momentum, as usual, continues to come from Bitcoin spot ETFs. In the trading session on March 7 (US time), these funds saw inflows amounting to $473 million. Additionally, the market received positive signals as BlackRock plans to allow one of its managed funds to buy Bitcoin ETF shares.
- Details: BlackRock plans to buy Bitcoin ETF through Global Allocation Fund
Inflows into Bitcoin ETFs. Source: BitMEX Research (08/03/2024)
Meanwhile, the world's second-largest cryptocurrency, Ethereum, is approaching the $4,000 mark - its highest value in 2 years, but still needs further upward momentum to reach the ATH of $4,868. With Bitcoin retracing, ETH is currently correcting towards $3,870.
15-minute chart of ETH/USDT pair on Binance at 11:05 PM on March 8, 2024
