Bitcoin (BTC) Price Nears All-Time High At $68,600, Further Rally Expected?

Highlights

The Bitcoin social sentiment remains neutral which suggests a rally to $70,000 and above.
Bitcoin's 8% gains leads to $134 million in liquidations in the last 24 hours.
Bitcoin technical suggests a possibility of profit booking around $70,000.

The ongoing Bitcoin (BTC) price surge appears relentless, with the leading digital asset climbing by another 8%, inching closer to its imminent all-time highs. Currently, Bitcoin is trading at $68,200, boasting a market cap of $1.340 trillion. Notably, BTC has seen gains exceeding 22% on the weekly chart. Interestingly, the Bitcoin price has already reached new all-time highs when denominated in euros (EUR).

Bitcoin Price Rally to $70,000 And Above Likely?

Insights from on-chain data provider Santiment indicate that Bitcoin’s current market value of $68.0K is remarkably close to its all-time high (ATH) of $68.6K, with just a 0.9% difference. While there’s a notable presence of traders anticipating a surpassing of this value in the near future, overall sentiment remains relatively neutral compared to previous bullish cycles.

Unlike several meme coins and other altcoins experiencing recent surges, Bitcoin’s neutral sentiment actually presents a favorable scenario for sustaining a rally. This sentiment, coupled with a degree of disbelief among traders, suggests potential for liquidation of short positions, thus potentially propelling a rally beyond $70K and further.

It’s crucial to monitor how sentiment may evolve once the anticipated all-time high is reached, as crowd perceptions can swiftly shift following significant resistance breaches. It’s worth noting that market movements often counter traders’ expectations, reports Santiment. Realized profits from Bitcoin (BTC) have surged to a three-year peak, indicating that average traders who have held onto their assets are reaping substantial rewards.

Also, as per the Liquidation data from CoinGlass, more than $134 million in liquidations took place on the Bitcoin network. Of these, nearly $105 million in short liquidations have taken place. On the other hand, extraordinary inflows into Bitcoin ETF continued last week.

Is BTC Profit Booking Round the Corner?

On-chain analyst Checkmate has highlighted a notable trend in the Bitcoin market, noting the initiation of all-time high (ATH) distribution by long-term Bitcoin holders.

While approximately 40-50% of this distribution can be attributed to the Grayscale Bitcoin Trust (GBTC), it serves as a testament to the adeptness of HODLers in interpreting market dynamics. The pattern reflects a classic investment strategy of buying low and selling high.

Like clockwork, long-term #Bitcoin holders have started their ATH distribution.

There is the nuance that a large proportion of this ~40-50% is from GBTC, but it goes to show that there are HODLers who can and do read the market very well.

Buying low, selling high. pic.twitter.com/Q6kGQHoOxR

— _Checkɱate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) March 4, 2024

According to crypto analyst Ali Martinez, the TD Sequential indicator has signaled a sell indication for Bitcoin on the 4-hour chart. Historically, following such signals since February 15, Bitcoin’s price has declined by 1.5% to 4.7%. This pattern is worth close observation for short-term traders. Also, with Bitcoin holders in 100% profit, some profit booking could be around the corner.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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