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Bitcoin traders reject “triple peak” as BTC price stops $150 from $69,000 level.

Bitcoin under the magnifying glass of traders! 馃搲馃捁 The rejection of the ‘triple peak’ of just $150 before reaching the $69,000 level is creating excitement in the market. 馃殌馃捀 How do you interpret these moves? 馃馃捇 Stay tuned as this is a tense moment on cryptocurrencies!

Date: 2024-03-05 Author: Marek Stiller
Bitcoin traders reject “triple peak” as BTC price stops $150 from $69,000 level.

Bitcoin nearly reached new all-time highs on March 5, when violent volatility wiped out late trading.

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Bitcoin liquidates long positions near all-time highs

Data from Cointelegraph Markets Pro and TradingView showed that the trajectory of the BTC price came within an arm’s reach of the $69,000 level.

Despite a daily increase of $5,000, the psychological significance of the peaks became immediate, and the bulls were unable to break through them.

The subsequent reversal took the market back to the $66,000 area.

A few hours later, violent volatility caused BTC/USD to drop $2,000 in three minutes – an event that got rid of some $20 million in long positions, according to data from CoinGlass stock monitoring.

This, in turn, put a hole in the record value of the open interest, which, however, quickly rebounded and at the time of writing was hovering around $31 billion.

In a grim repeat of the events of a week ago – which was even predicted by some – the largest U.S. cryptocurrency exchange, Coinbase, once again experienced a crash.

As before, customer balances began displaying as zero, and criticism grew.

“The 2021 Bitcoin bull run is eclipsing this bull run in terms of leverage, speculation and retail,” wrote James Van Straten, research and data analyst at analytics firm CryptoSlate, in a response to X (formerly Twitter).

Van Straten suggested that Coinbase had the technical ability to “handle the load,” and that other factors were at work behind the scenes.

Coinbase ‘s support account on X confirmed that the problem had been resolved.

“We have issued a fix that has eliminated the display issue affecting customer account balances and delays on http://Coinbase.com, they wrote.

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Will the price of BTC triple peak?

Discussing whether Bitcoin can break through the last hurdle before discovering the price, popular market participants seemed certain.

Trader Kaleo likened the mood to a breakout in 2020 that destroyed the old all-time peaks near $20,000 that had held since 2017.

“This pummels the same as December 2020, when Bitcoin was approaching the ATH of $20,000 and didn’t look back after it broke it,” he wrote on X ( formerly Twitter).

Meanwhile, another trader, Jelle, disregarded the idea that$69,000 would be held and marked a “triple top” for BTC/USD.

In a subsequent post, he predicted a new altcoin surge when Bitcoin breaks through its all-time peak – again in line with historical precedents.

“History is repeating itself right before your eyes, and you’re looking for bearish signals,” Jelle commented.

“Join the program. This market is going up.”
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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with 艁ukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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