Historic Bitcoin price in March
The Historic Bitcoin price this March exceeded cryptomarket expectations and boosted buying of other cryptocurrencies.
The historical price of Bitcoin this March 05 reached unexpected levels, amid massive volatility.
This Tuesday, March 05, the Bitcoin had a correction, after an all-time high of the Historic Bitcoin price, which, triggered massive volatility.
Data from Cointelegraph Markets Pro and TradingView tracked sudden losses for the BTC/USD pair, as the pair lost 6.7% in just over an hour.
The reaction followed new all-time highs for Bitcoin, with bulls waiting since November 2021 for the discovery of new Bitcoin prices.
“It’s perfectly normal for Bitcoin to pull back from its all-time high (this happens every cycle),” says Vijay Boyapati at X.
“Big sellers take advantage of the anticipation of the timing to dump at a time of high liquidity. Most importantly, the psychological wall is broken and, finally, true price discovery begins.”
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Historic Bitcoin price in March
The latest data from CoinGlass estimates that settlements amounted to nearly USD 150 million during the correction from the new highs of USD 69,210 on Bitstamp.
While Bitcoin was back in the spotlight, long-time traders were celebrating the highs for a different reason.
Bitcoin’s historic price makes many analysts think that March will be the year of the cryptocurrency’s capitalization.
As many noted, 2024 marks the first time the BTC/USD pair has reached new record highs before a block grant halving event.
“Bitcoin has surpassed USD 0.069 million before halving,” continued Samson Mow, CEO of Bitcoin adoption startup Jan3.
Meanwhile, in his latest YouTube update, popular trader and analyst Rekt Capital considered whether the current price cycle was “accelerated” by the pre-hybrid move.
In previous cycles, he noted, it took around 500 days for the BTC/USD pair to reach new all-time highs after a halving, meaning that this time, progress could be “ahead of schedule.”
Fellow trader Mikybull Crypto added that in 2020, the BTC/USD pair tracked sideways below new all-time highs for two weeks before finally seeing bullish continuation.
“Bitcoin at a critical decision point right now. In 2020, it beat to break an all-time high and pulled back in the box again for two weeks before closing above the previous ATH,” he wrote on X alongside an illustrative chart.
Bitcoin’s all-time price hit a record high as demand for new U.S. exchange-traded funds and a looming slowdown in the token’s supply growth fueled a rebound in the original cryptocurrency.
The largest digital asset rose as much as 2.5% to US$69,191 on Tuesday before paring gains. Bitcoin is up around 60% so far in 2024, outperforming global equities and spreading optimism across the digital asset market.
Cryptomarket’s resounding turnaround.
Bitcoin owes much of its resurgence to a regulator long considered hostile to cryptocurrencies: the U.S. Securities and Exchange Commission.
The SEC approved Bitcoin exchange-traded funds in early January after suffering a legal defeat last year in its attempt to reject them.
The move has expanded bitcoin’s accessibility to the mass market, helping the crypto sector turn the page after a bear market in 2022 and a series of subsequent bankruptcies, including the implosion of Sam Bankman-Fried’s FTX exchange.
“Bitcoin’s historic price marks a turning point for cryptocurrencies,” said Nathan McCauley , CEO and co-founder of Anchorage Digital. “Traditional institutions were once on the sidelines; today, they are here in full force as the primary drivers of the cryptocurrency bull market.”
At the time of this writing, the price of Bitcoin is around $63,200.
