2024

Bitcoin

when

Rekt

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) fell $5,000 on March 5 after a unique BTC price all-time high sparked mass volatility.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/4ff64b98-8b05-47d7-839e-c7129988ef76.png">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 id="bitcoin-sellers-put-brakes-on-price-discovery">Bitcoin sellers put brakes on price discovery</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> tracked snap losses for BTC/USD as the pair shed 6.7% in just over an hour.
The reaction followed <a href="https://cointelegraph.com/news/bitcoin-price-sets-new-record-high-69k">new all-time highs for Bitcoin</a>, with bulls waiting since November 2021 for BTC price discovery.
With volatility still rampant at the time of writing, market observers sought to take a balanced perspective on current market performance.
“It’s perfectly normal for Bitcoin to pull back from the all time high (this happens every cycle),” crypto author and educator Vijay Boyapati <a href="https://twitter.com/real_vijay/status/1765041976536424850" target="_blank" rel="noopener nofollow">argued</a> on X. 
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 “Large sellers use the anticipation of the moment to dump into a high liquidity moment. Importantly the psychological wall is broken and true price discovery will eventually begin.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/a2a7dc37-189e-4be9-aedc-0a7e1b75fa6a.png" alt="" title="">
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 BTC liquidations (screenshot). Source: CoinGlass
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The latest data from monitoring resource CoinGlass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">estimates</a> that liquidations totaled nearly $150 million during the correction from the new highs of $69,210 on Bitstamp.
As Bitcoin returned to the mainstream spotlight, longtime hodlers were celebrating the highs for a different reason.
As many noted, 2024 marks the first time that BTC/USD has hit new record levels before a block subsidy halving event.
Boyapati <a href="https://twitter.com/real_vijay/status/1765041976536424850" target="_blank" rel="noopener nofollow">called</a> the achievement “unprecedented.”
“Bitcoin has passed $0.069M before the halving,” Samson Mow, CEO of Bitcoin adoption startup Jan3, <a href="https://twitter.com/Excellion/status/1765030447522644376" target="_blank" rel="noopener nofollow">continued</a>. 
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 “All your cycles are destroyed.”
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<h2 id="btc-price-action-enters-new-era">BTC price action enters “new era”</h2>
In his latest YouTube update, meanwhile, popular trader and analyst Rekt Capital <a href="https://www.youtube.com/watch?v=awOFUGXLEQc" target="_blank" rel="noopener nofollow">considered</a> whether the current price cycle had “accelerated” thanks to the pre-halving move.
Related:&nbsp;<a href="https://cointelegraph.com/news/btc-price-bearish-64k-5-things-bitcoin-this-week">Why are BTC traders bearish above $64K? 5 things to know in Bitcoin this week</a>
In previous cycles, he noted, BTC/USD took around 500 days to hit new all-time highs after a halving, meaning that this time around, progress might be “ahead of schedule.”
“Something to consider as we enter a new era for Bitcoin’s price action — we’ve never really seen price action like this before,” he acknowledged, listing various unique aspects of the market this year.
How Bitcoin goes forward to treat the all-time high region, he said, was key.
Fellow trader Mikybull Crypto added that in 2020, BTC/USD tracked sideways below new all-time highs for two weeks before finally seeing upside continuation.
“Bitcoin on a critical decision point right now. In 2020, it wicked through to break an all-time high and retraced back into the box for two weeks before closing above the previous ATH," he wrote on X alongside an illustrative chart. 
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 “Will this time be different due to ETFs inflows?”
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/cf27f9a4-2864-43d5-b459-b9263830c42d.png" alt="" title="">
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 BTC/USD annotated chart. Source: Mikybull Crypto/X
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC price corrects 7% after Bitcoin sets first-ever pre-halving all-time high

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