FOMO

Galaxy

Bitcoin

when

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) hit a new all-time high of $69,324 before sharply dropping 9.75% to $59,323 on March 5.</li>
 <li>Market analysts suggest this drop could lead to a “healthy consolidation” and warn against fear of missing out (FOMO).</li>
</ul>
<p>On March 5, shortly after the opening bell on Wall Street, Bitcoin (BTC) reached a new all-time high of $69,324. <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> then experienced a sharp correction of 9.75% to $59,323.</p>
<h2 id="bitcoin-s-fomo-stage">Bitcoin’s FOMO Stage</h2>
<p>Data from Markets Pro and TradingView showed Bitcoin trading 9% below its new all-time high of $69,170. Despite the flash crash, Bitcoin is still up 12% over the last seven days. Market analyst Aksel Kibar noted that Bitcoin reached above $69,000, a stage he referred to as the “FOMO stage”.</p>
<p>On March 4, Kibar observed Bitcoin trading within the $65,000 and $68,000 ranges, moving towards the November 2021 peak of around $69,000. He cautioned investors against getting caught up in the fear of missing out at that level.</p>
<p>Alex Thorn, Head of Research at Galaxy Research, focused on Bitcoin’s historical price action, especially in 2020 when it briefly retraced after hitting new all-time highs. Thorn suggested that if history repeats itself, Bitcoin is likely to drop “11.3% lower over 15 days before definitively breaking ATH” again in the coming weeks.</p>
<h2 id="potential-retracement-and-sell-signal">Potential Retracement and Sell Signal</h2>
<p>The mid to low $50,000s is seen as a possible retracement where a dip could occur. On March 2, Peter Brandt shared a chart showing Bitcoin trading in a wide ascending parallel channel with short-term support below $55,000 provided by the pattern’s middle boundary.</p>
<p>Independent analyst Ali observed that the TD Sequential indicator sent a sell signal on the daily chart, warning traders to pay “close attention” shortly before the price crash. This indicator has a strong track record in predicting Bitcoin trends since the start of the year.</p>
<p>While some traders expected a deeper correction in a pre-halving retrace, technical price analyst John Bollinger termed the retrace on March 5 in Bitcoin price “a bit much.” He added that a failed rally attempt would be ugly.</p>
<p>Market data showed traders were poorly positioned for the latest run above $69,000. Over $1.17 billion leveraged positions were liquidated across the crypto market in the last 24 hours – $846 million of these being long liquidations. Bitcoin long liquidations totaled $236.33 million.</p>

Bitcoin Experts: Current BTC Price Dip Is a ‘Healthy Consolidation’, Not a Crash

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