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Bitcoin

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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) set a new all-time high at $69,324 shortly after the opening bell on Wall Street on March 5, before sharply correcting 9.75% to $59,323, which analysts have described as a welcome move before “healthy consolidation” occurs.&nbsp;
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/d6e35fad-a004-4092-ae66-06d91399a4e0.png">
 <figcaption style="text-align: center;">BTC/USD daily chart. Source: <a href="https://www.tradingview.com/x/4ANjFDWd/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
<h2 id="bitcoin-price-reached-fomo-stage-above-68-000">Bitcoin price reached “FOMO stage“ above $68,000</h2>
Data from <a href="https://subscription.cointelegraph.com/" rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> showed Bitcoin trading 9% below <a href="https://cointelegraph.com/news/bitcoin-price-sets-new-record-high-69k" rel="noopener noreferrer nofollow">its new all-time high of $69,170</a>.
While BTC is still up 12% over the last seven days, the pioneer cryptocurrency’s flash crash left market participants wondering where the price will go moving forward.
Market analyst Aksel Kibar shared a chart showing Bitcoin reached above $69,000, calling it the “FOMO stage.”
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/6b8880f4-2371-40de-9df7-2a31245dd2dd.jpeg">
 <figcaption style="text-align: center;">BTC/USD price chart. Source: <a href="https://x.com/TechCharts/status/1765047661009527062?s=20" target="_blank" rel="noopener noreferrer nofollow">Aksel Kibar/X</a>
 </figcaption>
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In a March 4 post on X on March 4, Kibar spotted BTC trading within the $65,000 and $68,000 ranges, heading toward the November 2021 peak of around $69,000. He warned investors not to be caught up in the fear of missing out at that level.
He said,
<blockquote>
 “$BTCUSD I don't think this is a breakout to an all-time signal. Don’t FOMO this part of the move.”
</blockquote>
Head of research at Galaxy Research, Alex Thorn, focused his attention on <a href="https://cointelegraph.com/news/bitcoin-price-action-mirror-2015-2017-pre-bull-market-cycle" rel="noopener noreferrer nofollow">Bitcoin’s historical price action</a>, particularly in 2020, when it retraced briefly after hitting new all-time highs.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/3319649f-bb85-4957-a6e1-48308c672540.png">
 <figcaption style="text-align: center;">BTC historical price action. Source: <a href="https://x.com/intangiblecoins/status/1765052975528181957?s=20" target="_blank" rel="noopener noreferrer nofollow">Alex Thorn/X</a>
 </figcaption>
</figure>
Thorn implied that if history repeats itself, BTC is likely to drop “11.3% lower over 15 days before definitively breaking ATH” again over the next few weeks.
<h2 id="btc-sends-a-sell-signal-on-the-daily-chart">BTC sends a sell signal on the daily chart</h2>
The mid to low $50,000s is a possible retracement where a potential dip could occur. On March 2, Peter Brandt <a href="https://x.com/PeterLBrandt/status/1763975493232341190?s=20" target="_blank" rel="noopener noreferrer nofollow">shared</a> a chart showing BTC trading in a wide ascending parallel channel with short-term support below $55,000 provided by the pattern’s middle boundary.
<blockquote>
 “I believe a dip below 55,000 would be a buying opportunity, although such a dip is not my prediction.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/13684741-8360-4c69-a342-3e1e3760b19a.png">
 <figcaption style="text-align: center;">BTC/USD daily chart. Source: <a href="https://x.com/PeterLBrandt/status/1763975493232341190?s=20" target="_blank" rel="noopener noreferrer nofollow">Peter Brandt/X</a>
 </figcaption>
</figure>
Meanwhile, independent analyst Ali observed that the TD Sequential indicator had sent a sell signal on the daily chart, sending a warning to traders to pay “close attention” shortly before the price crash.
<blockquote>
 “Boasting a strong track record in predicting $BTC trends since the year’s start, this indicator previously signaled a buy in early January, preceding a 34% surge, and issued a sell in mid-February, followed by a 4.44% downturn.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/21ab3d05-f852-40cd-b629-9e84f014f2c4.jpeg">
 <figcaption style="text-align: center;">BTC/USD chart. Source: <a href="https://x.com/ali_charts/status/1765046852649451887?s=20" target="_blank" rel="noopener noreferrer nofollow">@Ali_charts/X</a>
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/bitcoin-price-all-time-high-btc-etfs" rel="noopener noreferrer nofollow">Bitcoin price briefly hits new all-time high with support from BTC ETFs</a>
While other traders expected a <a href="https://x.com/rektcapital/status/1765063357986373863?s=20" target="_blank" rel="noopener noreferrer nofollow">deeper</a> correction in a pre-halving retrace, technical price analyst John Bollinger termed the retrace on March 5 in BTC price “a bit much.”
He <a href="https://x.com/bbands/status/1765118493735944338?s=20" target="_blank" rel="noopener noreferrer nofollow">said</a>,
<blockquote>
 “We expect profit-taking at new highs; that is the way of things, but this seems a bit much. Is it leverage, weak hands, or something else? In any case, a one-day setback does not make a top.”
</blockquote>
Nevertheless, “a failed rally attempt would be ugly,” Bollinger added.
Market data showed traders were poorly positioned for the latest run above $69,000. According to Coinglass data, over $1.17 billion leveraged positions were liquidated across the crypto market in the last 24 hours – $846 million of these being long liquidations. <a href="https://cointelegraph.com/learn/bitcoin-for-beginners" rel="noopener noreferrer nofollow">BTC</a> long liquidations totaled $236.33 million.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/7d951340-822f-42f7-be45-a22ad4fed276.png">
 <figcaption style="text-align: center;">Bitcoin liquidations. Source: Coinglass
 </figcaption>
</figure>
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.

Bitcoin analysts say BTC price correction is just ‘healthy consolidation’

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