Rally

2024

Bitcoin

Grayscale Bitcoin Trust

<p>The ongoing <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin (BTC) price</a> surge appears relentless, with the leading digital asset climbing by another 8%, inching closer to its imminent all-time highs. Currently, Bitcoin is trading at $68,200, boasting a market cap of $1.340 trillion. Notably, BTC has seen gains exceeding 22% on the weekly chart. Interestingly, the Bitcoin price has already reached new <a href="https://coingape.com/bitcoin-btc-price-hits-ath-in-euro-as-holders-in-profit-hit-100/" target="_blank" rel="noopener">all-time highs</a> when denominated in euros (EUR).</p> 
<h3 id="bitcoin-price-rally-to-70-000-and-above-likely">Bitcoin Price Rally to $70,000 And Above Likely?</h3> 
<p>Insights from on-chain data provider Santiment indicate that Bitcoin’s current market value of $68.0K is remarkably close to its all-time high (ATH) of $68.6K, with just a 0.9% difference. While there’s a notable presence of traders anticipating a surpassing of this value in the near future, overall sentiment remains relatively neutral compared to previous bullish cycles.</p> 
<p>Unlike several meme coins and other altcoins experiencing recent surges, Bitcoin’s neutral sentiment actually presents a favorable scenario for sustaining a rally. This sentiment, coupled with a degree of disbelief among traders, suggests potential for liquidation of short positions, thus potentially propelling a rally beyond $70K and further.</p> 
<p>It’s crucial to monitor how sentiment may evolve once the anticipated all-time high is reached, as crowd perceptions can swiftly shift following significant resistance breaches. It’s worth noting that market movements often counter traders’ expectations, <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1764813361689293028" target="_blank">reports</a> Santiment. Realized profits from Bitcoin (BTC) have surged to a three-year peak, indicating that average traders who have held onto their assets are reaping substantial rewards.</p> 
<p>Also, as per the Liquidation <a rel="nofollow" href="https://www.coinglass.com/LiquidationData" target="_blank">data</a> from CoinGlass, more than $134 million in liquidations took place on the Bitcoin network. Of these, nearly $105 million in short liquidations have taken place. On the other hand, extraordinary inflows into <a href="https://coingape.com/education/bitcoin-spot-etf/" target="_blank" rel="noopener">Bitcoin ETF</a>&nbsp;continued last week.</p> 
<h3 id="is-btc-profit-booking-round-the-corner">Is BTC Profit Booking Round the Corner?</h3> 
<p>On-chain analyst Checkmate has highlighted a notable trend in the Bitcoin market, noting the initiation of all-time high (ATH) distribution by long-term Bitcoin holders.</p> 
<p>While approximately 40-50% of this distribution can be attributed to the Grayscale Bitcoin Trust (GBTC), it serves as a testament to the adeptness of HODLers in interpreting market dynamics. The pattern reflects a classic investment strategy of buying low and selling high.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Like clockwork, long-term <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> holders have started their ATH distribution.</p> 
 <p>There is the nuance that a large proportion of this ~40-50% is from GBTC, but it goes to show that there are HODLers who can and do read the market very well.</p> 
 <p>Buying low, selling high. <a href="https://t.co/Q6kGQHoOxR">pic.twitter.com/Q6kGQHoOxR</a></p> 
 <p>— _Checkɱate <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f7e0.png" alt="🟠" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f511.png" alt="🔑" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2622.png" alt="☢" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6e2.png" alt="🛢" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@_Checkmatey_) <a href="https://twitter.com/_Checkmatey_/status/1764791362082480420?ref_src=twsrc%5Etfw">March 4, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>According to crypto analyst Ali Martinez, the TD Sequential indicator has signaled a sell indication for Bitcoin on the 4-hour chart. Historically, following such signals since February 15, Bitcoin’s price has declined by 1.5% to 4.7%. This pattern is worth close observation for short-term traders. Also, with Bitcoin holders in 100% profit, some profit booking could be around the corner.</p> 
<figure id="attachment_184081" aria-describedby="caption-attachment-184081" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-184081" src="https://coingape.com/wp-content/uploads/2024/03/BTCUSDT.jpeg" alt="" width="2246" height="1403" srcset="https://coingape.com/wp-content/uploads/2024/03/BTCUSDT.jpeg 2246w, https://coingape.com/wp-content/uploads/2024/03/BTCUSDT-300x187.jpeg 300w, https://coingape.com/wp-content/uploads/2024/03/BTCUSDT-1224x765.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/03/BTCUSDT-768x480.jpeg 768w, https://coingape.com/wp-content/uploads/2024/03/BTCUSDT-1536x959.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/03/BTCUSDT-2048x1279.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/03/BTCUSDT-150x94.jpeg 150w" sizes="(max-width: 2246px) 100vw, 2246px">
 <figcaption id="caption-attachment-184081" class="wp-caption-text">
  Courtesy: Ali Martinez
 </figcaption>
</figure> 
<p>The post <a href="https://coingape.com/bitcoin-btc-price-nears-all-time-high-at-68600-further-rally-expected/">Bitcoin (BTC) Price Approaches All-Time High At $68,600, Further Rally Expected?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin (BTC) Price Approaches All-Time High At $68,600, Further Rally Expected?

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