Bitcoin price retraces after climbing to $70K peak. Details here
Bitcoin price today: After hovering above the $68,300 threshold, the Bitcoin price finally tested the $70,000 level and touched a new peak of the $70,136 mark in the last 24 hours. However, the virtual currency price didn’t sustain long at higher levels and retraced from this peak profit-booking soon trigger. The Bitcoin price today is $68,245.48, a change of 1.80 percent over the past 24 hours as of 8:00 AM. The recent price action in Bitcoin left the token market capitalization at $1.34T. In year-to-date (YTD) time, Bitcoin price has risen to the tune of 61.57 percent.
Triggers for Bitcoin price today
Speaking on the Bitcoin price rally, Edul Patel CEO of Mudrex said, “Bitcoin hovered above the $68,300 threshold in the last 24 hours, achieving yet another significant milestone. The market sentiment is positive, driven by institutional demand, the growth of spot Bitcoin ETFs, and the anticipation of the upcoming halving event. According to IntoTheBlock, there has been a 5% year-to-date increase in the number of whales holding at least 1,000 Bitcoins. Furthermore, 97% of all Bitcoin addresses are currently in a profitable state, showcasing a surge in demand. Out of the 19.6 million Bitcoins currently in circulation, nearly 70% (13.6 million) are held by investors who have maintained their positions for over a year, reflecting a growing long-term investment sentiment. Bitcoin is on track to surpass its all-time high anytime now.”
Bitcoin price USD forecast
Expecting further rally in the Bitcoin price, Vikram Subburaj, CEO of Giottus said, “Crypto is definitely entering a new phase and we can conclusively say that the bull run is on. Bitcoin price briefly touched a fresh all-time high of $70,136 but retraced from the higher levels in an erratic sell-off. However, the Bitcoin price is expected to rise further. The volatility ignited a lot of profit-taking which is a characteristic of a volatile yet promising market condition. This cycle of price correction and profit-taking will continue as the markets surge and Bitcoin continues on a higher trajectory of price discovery. This is a good time for investors to take positions and use investment tools like SIPs to average out correctional price dips. Bitcoin prices will hit higher points ahead of the halving and this is a valid indication of good times ahead in the market.”
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 09 Mar 2024, 08:27 AM IST
