Bitcoin

when

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-reaches-all-time-high-before-facing-correction/" data-wpel-link="internal">Bitcoin Reaches All-Time High Before Facing Correction</a><br></p>
<p style="text-align: justify">The leading cryptocurrency, <strong><a href="https://coin-turk.com/bitmex-olayi-bitcoin-btc-icin-iyi-olabilir-mi" data-wpel-link="internal">Bitcoin</a> (<a href="https://coin-turk.com/bitcoin-son-durum-yeni-haftada-btc-fiyatinda-yeni-dipler-mi-bekleniyor" data-wpel-link="internal">BTC</a>)</strong>, reached its highest value ever on March 6, climbing above $69,000. However, this trend changed when the prices of leading cryptocurrencies significantly dropped.</p> 
<h2 id="historic-levels-for-btc">Historic Levels for BTC</h2> 
<p style="text-align: justify">After touching a new all-time high (ATH), the cryptocurrency experienced a correction with a drop of more than 6% in the last 24 hours. According to data from the website 21milyon.com, at the time of writing, <a href="https://en.coin-turk.com/bitcoin-price-continues-to-weaken-as-investors-show-concern/" data-wpel-link="internal">BTC</a> is trading at $64,488.27 with a market value of over $1.27 trillion. While the price of <strong>BTC</strong> is falling, large-scale holders continue to accumulate. According to a recent tweet by IntoTheBlock, big <a href="https://en.coin-turk.com/historic-high-in-cmes-bitcoin-futures-open-interest/" data-wpel-link="internal">Bitcoin</a> holders increased their assets by 4177 BTC in the last seven days, which is worth more than $279 million at current prices.</p> 
<p style="text-align: justify">Ali Martinez, a popular crypto analyst, revealed that while whales continue to stock up, a significant amount of <strong>BTC</strong> has been liquidated. The tweet mentioned that approximately $164 million worth of Bitcoin long and short positions were liquidated in the last 24 hours. According to <strong>CryptoQuant</strong> data, BTC’s exchange reserve is increasing. Additionally, BTC’s net deposits on exchanges were also high compared to the seven-day average. These two metrics could indicate high selling pressure on the cryptocurrency.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-323737 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/santiment-2.webp" alt="" width="2560" height="867"></p> 
<h2 id="analytical-reports-on-btc">Analytical Reports on BTC</h2> 
<p style="text-align: justify">However, data from <strong>Santiment</strong> tells a slightly different story. According to the analytics firm, the supply of BTC on exchanges has decreased. Additionally, the supply of the cryptocurrency outside of exchanges has slightly increased, which could mean that investors are still buying BTC even after the price dropped below $64,000. Derivative investors found the right opportunity to buy more BTC despite the token’s price drop, indicated by the high funding rate.</p> 
<p style="text-align: justify">Furthermore, the buyer-to-seller ratio remained on the rise, which could mean that buying sentiment is dominant in the futures market. On the other hand, BTC’s social volume remained high, which can be attributed to the recent volatility in price. Since the price of the <strong>cryptocurrency</strong> has fallen, the bearish trend around the token has increased, as can be seen from the decline in weighted sentiment.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-reaches-all-time-high-before-facing-correction/" data-wpel-link="internal">Bitcoin Reaches All-Time High Before Facing Correction</a></h5>

Bitcoin Reaches All-Time High Before Facing Correction

Table of Contents

COINTURK NEWS

Other articles published on Mar 6, 2024

Shiba Inu (SHIB) Expecting Something Big, Teased Update Excites Community

Ethereum May Outperform Bitcoin (BTC): Analyst Shares The Possible Price Surge For ETH

Cardano Investors Enter ADA Rival Presale Priced $0.0014

ShapeShift Might Resume Soon; Settles Dispute With the SEC

Crypto Prices Today March 6th: Bitcoin Plunges To $64K, ETH, XRP, ADA Drop As PEPE Gains

ShapeShift Reaches $275,000 Settlement with SEC Over Unregistered Crypto Securities Sales

Join our free newsletter for daily crypto updates!