news.bitcoin.com
On March 5, 2024, at 10:03 a.m. (ET), bitcoin’s value eclipsed its previous lifetime peak against the U.S. dollar, ascending beyond the $69,000 threshold on Tuesday. This breakthrough in valuation marks a new all-time high (ATH), occurring 846 days since bitcoin last reached the $69,000 mark on Nov. 10, 2021.
From Uncertainty to Uncharted Heights: Bitcoin’s Journey Past $69,000
Bitcoin’s (BTC) valuation has now climbed past its 2021 Bitstamp-based zenith of $69,000 per unit. Following its peak in 2021, the value of BTC experienced a decline lasting well over two years. Furthermore, in December 2022, the valuation of BTC plummeted below the $17,000 level in the wake of FTX’s downfall.
Since reaching its ATH in 2021, the cryptocurrency sector has witnessed not only the collapse of FTX but also the failure of the Terra blockchain stablecoin in May 2022 and the bankruptcy of numerous cryptocurrency firms that same year.
No sign of a top yet in $BTUSD, just a walk up the upper Bollinger Band. #BTC
— John Bollinger (@bbands) March 4, 2024
The prolonged crypto winter proved to be a grueling period for proponents of digital currencies, with BTC undergoing its customary 80% decrease post-bull run, mirroring the patterns observed in previous bull run years.
As BTC enters a price discovery phase, it now operates in uncharted price territory with no historical resistance levels above it. This phase is typically characterized by heightened speculation and trader anticipation about its new potential ceiling, as market participants assess its value without past benchmarks to guide expectations.
Individuals can only engage in conjecture regarding the future trajectory of BTC’s market value, both in its valuation against the U.S. dollar and other government-issued currencies. In terms of speculation, the ascent in bitcoin’s price over the past day resulted in the liquidation of over $160 million in BTC short positions.
After hitting, $69,210 per unit at 10:03, BTC’s price dropped under the $68,000 range at 10:06 a.m. (ET), and is quickly rising toward the $69K region again.
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