Bitcoin breaks $70,000 in volatile trading, hitting a new record to end the week

[pawel7777]

As expected, the new ATH means more mainstream media press hits. Here's one from today from CNBC:

Bitcoin breaks $70,000 in volatile trading, hitting a new record to end the week

https://www.cnbc.com/2024/03/08/bitcoin-breaks-70000-in-volatile-trading-hitting-a-new-record-.html

The price of bitcoin jumped to a new record on Friday, breaking through $70,000 for the first time ever.

The cryptocurrency was last higher by about 2% at $69,304.84, according to Coin Metrics. At one point, however, it rose as high as $70,170.00, topping its previous record set on Tuesday. It’s on pace to end the week higher by 10%.

The up move began around the time the U.S. stock market opened. With the introduction of spot bitcoin exchange-traded funds in the U.S., big crypto moves now tend to take place during traditional stock trading hours.

The early advance may have been driven in part by investors who were weighing the February jobs report, hopeful that a higher unemployment rate and cooler than initially reported employment growth in December and January will clear the way for the Federal Reserve to begin cutting interest rates later this year.

However, crypto trading has been especially volatile this week. After bitcoin reached a new record on Tuesday for the first time in more than two years, it quickly tumbled as much as 10%, pulling down other cryptocurrencies and crypto stocks along with it, then recovering much of those losses the next day. The bitcoin historical volatility index is at its highest level in almost a year, according to TradingView.

“Navigating old highs is notoriously tricky and the bitcoin dam doesn’t tend to burst at the first time of asking,” said Antoni Trenchev, co-founder of crypto exchange Nexo. “Tuesday’s sharp bitcoin sell-off was healthy, necessary and a prelude to further gains. Volatility defines bitcoin bull markets and 2024 will be littered with sudden and gut-wrenching 10%-20% plunges.”

[TomPluz]

So finally we can say that there is now a new ATH record for Bitcoin, though it is back at around $68K right now maybe due to some corrections, a very healthy pattern for a very volatile asset like Bitcoin. I am expecting that BTC will really be focusing all of its strength to go beyond $100K as the halving is getting nearer. And, of course, we can see the mainstream media to be celebrating the skyrocketing value of an asset they still fail to understand. Some media personalities can be heaping praises on Bitcoin while there will be others who will be cautioning the prospective investors of the risks they can be facing with its many twists and turns under a very volatile nature.

[yhiaali3]

Bitcoin did it. Yes, everyone was confident that Bitcoin would do it easily and break the previous historical peak and achieve a new ATH.

What is striking this time is that the breaking of the previous peak occurred about 40 days before the halving, and this has never happened before in the history of Bitcoin. All previous peaks were broken weeks or months after the halving.

I expect that this has great implications that we have entered a new historical phase for Bitcoin, which may be different from previous cycles.

[Zed0X]

It will probably take another major event similar to the Russia-Ukraine conflict and the pandemic breakout for BTC to drop significantly after a new ATH. Let's just hope that the US and allies take a step up back in provoking China into starting a war in South East Asia. It looks like our very own President is currently acting as a tool in US-China battle for supremacy.

[trendcoin]

Bitcoin did it. Yes, everyone was confident that Bitcoin would do it easily and break the previous historical peak and achieve a new ATH.

What is striking this time is that the breaking of the previous peak occurred about 40 days before the halving, and this has never happened before in the history of Bitcoin. All previous peaks were broken weeks or months after the halving.

I expect that this has great implications that we have entered a new historical phase for Bitcoin, which may be different from previous cycles.

Bitcoin spot ETF and Halving are intertwined this time. I don't think we know exactly whether we are experiencing the halving effect or the spot ETF effect right now. Therefore, we are in a different scenario compared to previous halvings... I expect this year to be a year of records. These levels are a bit critical, but I believe that we will see many more new record highs in Bitcoin.

[Z-tight]

It was almost obvious that BTC would set a new ath before the BTC halving and it did. A lot of coins is being accumulated through BTC spot etf's and this is the main thing driving the price of BTC for a few months now, and since BTC has set a new ath before the halving, it is expected to pump very high after the halving. Fomo buyers are going to be rushing in now, people who never buy BTC when it is low, and they never learn either.

[pawel7777]

It was almost obvious that BTC would set a new ath before the BTC halving and it did. A lot of coins is being accumulated through BTC spot etf's and this is the main thing driving the price of BTC for a few months now, and since BTC has set a new ath before the halving, it is expected to pump very high after the halving. Fomo buyers are going to be rushing in now, people who never buy BTC when it is low, and they never learn either.

I don't think it was that obvious at all. I think the demand for spot ETFs exceeded everyone's expectations. Many seasoned traders expected a big dump after the announcement of approval and thought the price would behave similarly to the past cycles, but that wasn't the case.
Now there are rumours about the new wave of spot ETFs getting approved in Hong Kong within a month, which could further bump up the price.

[Kemarit]

It was almost obvious that BTC would set a new ath before the BTC halving and it did. A lot of coins is being accumulated through BTC spot etf's and this is the main thing driving the price of BTC for a few months now, and since BTC has set a new ath before the halving, it is expected to pump very high after the halving. Fomo buyers are going to be rushing in now, people who never buy BTC when it is low, and they never learn either.

I don't think it was that obvious at all. I think the demand for spot ETFs exceeded everyone's expectations. Many seasoned traders expected a big dump after the announcement of approval and thought the price would behave similarly to the past cycles, but that wasn't the case.
Now there are rumours about the new wave of spot ETFs getting approved in Hong Kong within a month, which could further bump up the price.

I agree, we never thought that it will go to set a new all time high, and this is the first time that it happened to Bitcoin's young history. Not only that they were even saying that the Bitcoin Spot ETF was already price in. However, it was not the case as the bulls uses this approval to trigger the imagination of the market thus, pushing to $73,000.

And now the price is back at $70k, some 48 hours ago it dip to $68,000. So now we have only 9 days before the halvening. And for sure there could be efforts on the side of the bulls to push it as much as they can before that activity.

[ScamViruS]

It was almost obvious that BTC would set a new ath before the BTC halving and it did. A lot of coins is being accumulated through BTC spot etf's and this is the main thing driving the price of BTC for a few months now, and since BTC has set a new ath before the halving, it is expected to pump very high after the halving. Fomo buyers are going to be rushing in now, people who never buy BTC when it is low, and they never learn either.

I don't think it was that obvious at all. I think the demand for spot ETFs exceeded everyone's expectations. Many seasoned traders expected a big dump after the announcement of approval and thought the price would behave similarly to the past cycles, but that wasn't the case.
Now there are rumours about the new wave of spot ETFs getting approved in Hong Kong within a month, which could further bump up the price.

After the ETF approval the market started dumping and that too very fast, sell the news selloff pressure was on the market. And in this chance whales accumulated more bitcoins and the market pumped hard. After that correction, whales played this game perfectly and took bitcoin to new ATH. Rumors of more new Bitcoin ETFs are sure to influence the market, which is seen in the market as Bitcoin is still above $70k.

[Lucius]

I agree, we never thought that it will go to set a new all time high, and this is the first time that it happened to Bitcoin's young history. Not only that they were even saying that the Bitcoin Spot ETF was already price in. However, it was not the case as the bulls uses this approval to trigger the imagination of the market thus, pushing to $73,000.
~snip~

I, like others, had doubts about how much spot ETFs would influence the price, but when BlackRock got involved the whole story took on a completely new dimension. One of the largest companies of its type definitely contributed to investors gaining greater confidence in Bitcoin, and accordingly the impact on the price must have been significant.

It is to be assumed that this impact would be even greater if we did not have Grayscale in the equation, because of the 500 000+ BTC purchased so far by ETFs, over 300 000 BTC came from Grayscale. When they stop selling, we should expect new pressure on the market, and as a result, it is to be expected that the price will react positively and that we will finally move away from $70k.

[Captain Corporate]

All these increases do make people feel like they are going to end up with something that could change things in the end. I just want to make sure that we are dealing with something that will take a little bit of time. I personally believe that 70k was inevitable, we already passed it before, and it did had a small drop which is very normal in financial markets, you can't just keep going up and up, sometimes you go down a bit too. I personally believe that the drop parts are done now, so from here on out I think the price will just keep going higher and higher. Sometimes it will be quick, sometimes it will take some time.

[trendcoin]

While everything was going well before the Halving, we suddenly encountered a sharp wave of sales. I haven't been able to fully check the news, but there are reports that the US is sending warships to West Asia. There is talk about the possibility of Iran attacking Israel, but I don't think it is very likely. Maybe this news may distract us from our target for a few days, but when the events stop, we can pick up where we left off...

[Baofeng]

While everything was going well before the Halving, we suddenly encountered a sharp wave of sales. I haven't been able to fully check the news, but there are reports that the US is sending warships to West Asia. There is talk about the possibility of Iran attacking Israel, but I don't think it is very likely. Maybe this news may distract us from our target for a few days, but when the events stop, we can pick up where we left off...

Probably this news has affected the market again as we close in the halving, from $71k'ish to $66k and a dump of 5%. I don't see any war in West Asia though (I'm from that region), just probably juggling for position in that part of the region and for sure US wanted to stop China from moving forward their plans in Asia.

So there are noises around us that might have affected the market right now. But it seems no one is going to stop what's incoming for us. So despite this kind of news, we will move forward with the block halving and prices soon will be in the $70k-$80k range.

[pawel7777]

While everything was going well before the Halving, we suddenly encountered a sharp wave of sales. I haven't been able to fully check the news, but there are reports that the US is sending warships to West Asia. There is talk about the possibility of Iran attacking Israel, but I don't think it is very likely. Maybe this news may distract us from our target for a few days, but when the events stop, we can pick up where we left off...

I can't find any info on the US sending their battleships to West Asia, but Iran Vs Israel tensions definitely can cause some panic in the markets.
But most likely the recent dips in stock prices are result of announcements that US inflation accelerated for a 3rd consecutive month, meaning there are no hopes of lowering interest rates, which is something that most people expected.
And Bitcoin got hit badly, as the dip in price has triggered liquidation of leveraged positions, which added to the selling pressure.

[Jating]

While everything was going well before the Halving, we suddenly encountered a sharp wave of sales. I haven't been able to fully check the news, but there are reports that the US is sending warships to West Asia. There is talk about the possibility of Iran attacking Israel, but I don't think it is very likely. Maybe this news may distract us from our target for a few days, but when the events stop, we can pick up where we left off...

I can't find any info on the US sending their battleships to West Asia, but Iran Vs Israel tensions definitely can cause some panic in the markets.
But most likely the recent dips in stock prices are result of announcements that US inflation accelerated for a 3rd consecutive month, meaning there are no hopes of lowering interest rates, which is something that most people expected.
And Bitcoin got hit badly, as the dip in price has triggered liquidation of leveraged positions, which added to the selling pressure.

I think it's more on the looming war with Iran vs Israel now, specially that Iran has retaliated and attack Israel as they blame Israel for the attack on their embassy. So it has that domino effect in everything, stock, and crypto market and everyone is every nervous. Hopefully as we approach block halving in the next 4-5 days, everything will settle down and then we see the market recovering and doing what supposed it should be after the halving. That is to see the price goes off again and experience a parabolic rise.