Bitcoin price surges past $69K to hit new all-time high

Bitcoin’s price hit an all-time high on Tuesday, surpassing $69,045 after posting sustained market gains through Sunday.

Bitcoin touched $68,000 late Monday, but didn’t manage to carve out a new all-time high before hitting resistance and falling. Blockworks previously reported that it was a key resistance level, according to analysts.

In November 2021, bitcoin (BTC) hit its previous all-time high of $69,044, according to data from CoinGecko. Ether (ETH) also gained intraday, hovering near $3,600. 

Before surpassing its all-time high against the US dollar, bitcoin’s market capitalization topped $1.3 trillion, passing its previous market cap all-time high. Bitcoin also crossed all-time highs in multiple other currencies, including the euro.

Read more: Bitcoin has a new all-time high, depending on who you ask 

Last week, bitcoin ETFs hit record volumes, notching a high of $7.6 billion before retreating to roughly $5 billion on Thursday.

However, on Friday, net inflows were negative after more outflows from Grayscale’s ETF offset inflows from Blackrock’s bitcoin ETF.

Read more: Bitcoin ETFs now hold nearly 4% of all bitcoin — and they’re not slowing down

Aside from high volume from the ETFs, bitcoin itself climbed last week before retreating to roughly $60,000. Last Wednesday, it climbed to levels not seen in roughly 27 months before notching a 10% drop.

But the moves have left some wondering if the momentum can last.

“Most can’t help but scoff at the pace at which Bitcoin has climbed, having gained 47% in the last month. History tells us we will see a pullback ahead of the halving in April — however, we have never before had an ETF in the space pulling billions of dollars of institutional money into Bitcoin on a weekly basis,” Lucas Kiely, chief information officer at Yield App, said. 

James Lavish, managing partner at the Bitcoin Opportunity Fund, posted on X that bitcoin “has not yet entered ‘price discovery mode.’” 

He added that a new all-time high will have to be established before such a mode takes place.