Bitcoin Price Surpasses US$65,000, ATH Draws Near
The upward trend in Bitcoin prices seems to show no signs of stopping as BTC once again breaks its yearly high, reaching US$65,520. This surge brings BTC closer to its all-time high (ATH) of US$69,000.
As of the writing of this article on March 4, 2024, at 16:30 WIB (Western Indonesia Time), BTC is trading at US$65,060, slightly lower than its yearly high of US$65,520 just a few minutes ago.
According to Coinglass data on futures market liquidation within a one-hour timeframe, this sudden surge was apparently unexpected by the majority of traders. Liquidation of SHORT positions dominates at 70.7%, indicating that futures traders are incurring more losses due to this price increase.
Bitcoin Could Reach ATH Soon!
Based on the current price as of writing (US$65,060), BTC only needs to experience a +6% price increase to reach US$69,000, the all-time high price for Bitcoin.
Considering that BTC has seen an increase of around +27% in the past week alone, it is not unlikely for BTC to achieve a +6% increase in the near future.
If this occurs, BTC could potentially reach its ATH even before the 2024 halving. This would mark a new milestone for Bitcoin as it has never reached its ATH before a halving, in previous halving periods.
Based on the RSI (Relative Strength Index) technical indicator on the daily timeframe, the figure has reached 84, indicating it is already overbought. BTC has been staying in the overbought territory since February 25, 2024. Although this suggests potential selling pressure, indicators sometimes are not accurate in strong one-way market trends.
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*Disclaimer:
This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.
