Bitcoin rose overnight, falling just above $62,000 on Tuesday before regaining $67,000 on Wednesday. The decline occurred after Bitcoin reached an all-time high of $69,170, according to CoinMarketCap. While still recording a deficit, Bitcoin rose 7.89%.
Investor interest in Bitcoin has surged following the approval of several spot Bitcoin ETFs in January and the rapidly approaching halving on April 20, 2024. However, as Sir Isaac Newton said, “What goes up must come down,” and the price of Bitcoin is in free fall after reaching its highest peak.
“The highest price was observed to have reached $68,848 on March 5, 2024 at 3:05 PM,” Amberdata analysts said. decryption. “Later that afternoon, BTC corrected $60,109, or $8,736, in about 4 hours and 53 minutes.”
Despite cryptocurrency Twitter hitting a new all-time high, some price aggregators and exchanges suggest $69,170 may not be the actual high. For example, Coinbase hit an all-time high of $69,324, so Bitcoin still has a long way to go.
“This is likely the start of a lot of volatility as we move higher,” Alex Thorn, head of research at Galaxy, told Decrypt on Tuesday.
“The common expression is that bull markets are climbing a wall of worry,” he continued. “If you look at 2017 and see eight declines of 25% or more on the way to all-time highs, that seems like a wall of worry to me, so I’m not worried.”
Nonetheless, the price of Bitcoin continued to fluctuate on Wednesday morning, reaching $66,202 before rising again above $67,000. This shows that BTC volatility remains an important factor in investing in the cryptocurrency market.
Edited by Stacy Elliott.
