Bitcoin slides almost 9% to $63,150 after setting new ATH Bitcoin slides almost 9% to $63,150 after setting new ATH
Bitcoin has given up most of the gains accumulated since the start of the week.
2 min read
Updated: Mar. 5, 2024 at 10:38 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin experienced a notable price adjustment, declining nearly 9% following its ascent to a record-setting pre-halving all-time high.
The leading digital currency, which captured significant attention for its surge to $69,324, subsequently corrected to roughly $64,580 within an hour — illustrating the market’s volatility.
Bitcoin price action has remained subdued under pressure, with the flagship crypto trading at $63,151 as of press time, giving up most of the gains accumulated since the start of the week.
New ATH before halving
The event marked a significant moment in Bitcoin’s history, as it set a new all-time high before an anticipated block subsidy halving for the first time. This occurrence diverges from the established pattern observed in previous cycles, where such highs were typically reached after the halving, hinting at a possible shift in market conditions.
However, the subsequent price correction resulted in the liquidation of more than $31 million in long positions, highlighting the market’s rapid response to price fluctuations and the strategic movements of large sellers.
Overall, roughly $231.52 million in Bitcoin positions was liquidated over the last 24 hours, with longs accounting for $144.73 million, based on CoinGlass data.
Market analysts and crypto veterans are keenly observing this development, noting the strategic play by large sellers to capitalize on the liquidity surge. This tactic, while expected, highlights the strategic depth of crypto markets and the critical role of investor psychology in driving price action.
The correction, albeit sharp, is viewed by some as a necessary recalibration, paving the way for more sustainable growth and price discovery.
Bitcoin ETF Impact
Speculation about Bitcoin’s future price action is rife, with some analysts pondering whether the recent pre-halving peak has accelerated the usual market cycle.
Historical data shows that, traditionally, Bitcoin takes approximately 500 days post-halving to reach new all-time highs. This deviation from the norm has led to suggestions that we may be entering a new era for Bitcoin’s price behavior.
The crypto community remains divided on the implications of this recent price correction and its impact on future market trends. Some draw parallels with past events, suggesting that Bitcoin may experience sideways movement before continuing its upward trajectory.
Meanwhile, others speculate on the potential influence of the spot Bitcoin ETF inflows and other market factors as pivotal elements in determining Bitcoin’s path forward.
Institutions are beginning to trickle into the industry since the launch of spot Bitcoin ETFs in January, which have seen record-setting performance over the last six weeks of trading. Despite heavy outflows from GBTC, the largest of the Newborn Nine have posted volumes on par with some of the biggest non-crypto ETFs and accumulated billions in Bitcoin so far.
Bitcoin Market Data
At the time of press 10:38 pm UTC on Mar. 5, 2024, Bitcoin is ranked #1 by market cap and the price is down 6.08% over the past 24 hours. Bitcoin has a market capitalization of $1.24 trillion with a 24-hour trading volume of $103.67 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 10:38 pm UTC on Mar. 5, 2024, the total crypto market is valued at at $2.35 trillion with a 24-hour volume of $260.72 billion. Bitcoin dominance is currently at 52.89%. Learn more about the crypto market ›
Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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