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Bitcoin surpasses $70,000 and registers a new all-time high on Binance

Mar. 8, 2024

Despite the bullish movement, market voices predict a significant pullback before the next halving, set to happen in April.

Bitcoin overcomes $70,000 and registers a new all-time high on Binance

Bitcoin (BTC) reached a new all-time high at $70,066,38 on Binance after jumping 6% in 24 hours, according to data from TradingView. A quick 3% pullback came shortly after the new price peak, taking BTC to $67,957,84 at the time of writing.

Ethereum (ETH) followed BTC’s sharp growth and breached the $4,000 price level on the Binance order book. Meanwhile, data aggregator CoinGecko shows a jump in meme coin prices for the past 24 hours, with PEPE rising over 31%, WIF registering a 27% leap, and BONK showing 16% growth in that period.

Bitcoin recovered completely from its 14% drop after breaching $69,000 on Binance on Mar. 5, highlighted the trader identified as Rekt Capital in an X post. The swift recovery was considered by Bitfinex’s Head of Derivatives Jag Kooner on Mar. 6, as reported by Crypto Briefing.

In another X post, Rekt Capital used past Bitcoin price cycles to state that a pre-halving rally is now back in action. However, he points out that a final retrace was seen in previous cycles, which can be repeated before Bitcoin’s next halving, set to happen on Apr. 15.

The possibility of a correction was also considered by the on-chain analysis firm CryptoQuant. Despite the bullish movement seen in the last 24 hours, market indicators signal a “potential overheating,” the firm stated in an X post.

The “Bull-Bear Market Cycle Indicator” from the CryptoQuant dashboard has flagged an “Overheated-Bull” phase as prices soared above $65,000. Another indicator used by the firm’s analysts to express their belief in a retrace is that miners are “extremely overpaid”, with profitability hitting its highest level since December 2023.

“Traders’ unrealized profit margins have reached an alarming 57%, historically associated with impending corrections. Additionally, short-term holders have begun selling at the highest profit margins since February 2021, potentially heralding increased selling pressure,” CryptoQuant concludes.

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