24/7 Cryptocurrency News

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

Despite previous bullish cycles, the current sentiment remains neutral, suggesting a potential Bitcoin price rally to $70,000.
Published by
Bitcoin (BTC) Price Approaches 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.

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.

Courtesy: Ali Martinez

Share
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.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes

Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…

September 6, 2025
  • 24/7 Cryptocurrency News

SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes

The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…

September 6, 2025
  • 24/7 Cryptocurrency News

Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze

Justin Sun Justin Justin Sun responded to World Liberty Financial freezing his wallet by promising…

September 6, 2025
  • 24/7 Cryptocurrency News

Expert Blames ‘Secret Committee’ for Rejecting MSTR Stock Inclusion to S&P 500

Michael Saylor's Strategy (NASDAQ: MSTR) missed the inclusion in the S&P 500 index on Friday,…

September 6, 2025
  • 24/7 Cryptocurrency News

MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings

MARA Holdings, Inc. announced that it now holds $5.9 billion worth of Bitcoin. This cements…

September 6, 2025
  • 24/7 Cryptocurrency News

Senate Banking Committee Releases Updated Draft Crypto Market Structure Bill

The U.S. Senate Banking Committee has released an updated version of the draft Crypto Market…

September 6, 2025