Have buyers lost control after several months of increases?
It has been 846 days since Bitcoin price fell below its last ATH. For the first time in its history, the price of Bitcoin reached an all-time high before the halving. In fact, yesterday buyers managed to push the price back to the $69,000 level.
Despite this historic event, sellers quickly appeared and managed to push the price of Bitcoin below $65,000.
Despite ATH, Bitcoin Price Falls More Than 2% in 24 Hours
Yesterday, cryptocurrency enthusiasts experienced a historic moment as the price of Bitcoin marked a new ATH. However, the sellers responded and the price shows a drop of more than 2% in 24 hours:
Now the course is increase of 15% in a week and more than 50% in a month. Despite this slight drop, BTC shows an increase of 150% in six months. The BTC/ETH pair fell 3.4% in 24 hours and almost 6% in a month.
Record Liquidations for Cryptocurrencies
Bitcoin has experienced volatility, and many traders lost their feathers. In fact, the course hit a new all-time high but then fell below $60,000. According to Coinglass data, the market recorded more than $1 billion Liquidations. This is a record since the beginning of September 2023:
Liquidations are approaching, mainly the long ones (operators positioned to buy). Indeed, $900 million in long positions were liquidated after falling below $60,000 in the space of a few hours. There have been $325 million in liquidations in Bitcoin alone, with the vast majority going toward buying (long). Was this enough for the price of Bitcoin to start healthy on the rise?
Bitcoin Price Rebounds Off $61,500 Support
After the drop of almost 15%, the price of Bitcoin has found buyers at the $59,000 level. Furthermore, the course managed to maintain the support level at $61,500:
The RSI marks a bearish divergence on a 4H time unit, it is possible that BTC could evolve in a range in the coming days or weeks. The price could change between the last ATH and $59,000. However, in the event of a clear break of $67,000, the king of cryptocurrencies could set a new historical record and continue the bullish momentum. In case of rejection of $67,000, BTC could be heading towards the support at $64,500.
The price of Bitcoin managed to mark a new all-time high, but then the market spiraled downward. In fact, within a few hours the price fell below the psychological round figure of $60,000. In the end, the market experienced selloffs of more than $1 billion. In 4H, the price could mark a range between the last ATH and the last low marked at $59,000. At the same time, exchange tokens appear to be in good condition to explode higher.
The price of Bitcoin managed to mark a new all-time high, but sellers were hovering around $69,000. In fact, the price fell below $65,000 a few hours after the new ATH on BTC.
New Record for BlackRock; Yesterday The Best Day
In other news, yesterday was an extraordinary day for the Bitcoin Spot ETF, although BTC, after reaching the new all-time high, corrected significantly and ended up burning more than 10%, only to start again.
Overall, the BlackRock ETF is the most capitalized, with more than $9 billion raised in less than two months. Fidelity follows, which accumulated 5.3 billion dollars.
By Leonardo Perez
