Bitcoin surged to $68,785 according to CoinMarketCap data, marking its highest market value since November 2021 and coming just shy of its all-time high of $68,789.
🥳 #Bitcoin has climbed as high on $67.5K on global #crypto exchanges, its highest market value since November 2021, and within 1.4% of the #AllTimeHigh. $BTC realized profits have reached a 3-year high as average traders have been rewarded for #hodling. https://t.co/kPrOMt2c8D pic.twitter.com/WNYnpfhtio
— Santiment (@santimentfeed) March 4, 2024
Traders have reaped substantial rewards from hodling, with realized profits hitting a three-year high of $17.4 billion over the past two weeks, the largest since March 2021.
Recent data from Intotheblock reveals that large Bitcoin holders boosted their holdings by 4,177 bitcoins in the last seven days, valued at over $279 million at current prices.
Large Bitcoin holders increased their holdings by 4177 $BTC in the last 7 days, worth more than 279 million at current prices
🔗https://t.co/TW9Cvy6ToV pic.twitter.com/akj8KV4rXT— IntoTheBlock (@intotheblock) March 5, 2024
This increase underscores growing confidence among institutional investors in the long-term potential of Bitcoin.
On-chain reports indicate significant activity as Bitcoin crossed the $67,000 mark, with a whale associated with #Cumberland receiving 175 million USDT from the Tether Treasury and depositing it into exchanges.
The #Bitcoin price just broke through $67K!
The whale (belonging to #Cumberland) received 175M $USDT from #TetherTreasury in the past 2 hours and deposited it to exchanges.#Cumberland has injected 3.22B $USDT into the crypto market since Oct 20, 2023.https://t.co/6b9O46tNMr pic.twitter.com/zrF3iFX2Fs
— Lookonchain (@lookonchain) March 4, 2024
Since October 20, 2023, Cumberland has injected a total of 3.22 billion USDT into the crypto market, highlighting substantial liquidity inflows.
Bitcoin Potential Short-term Price Drop Prediction And Happenings
However, analyst Ali Martinez warns of potential short-term downside risks. The TD Sequential indicator on the 4-hour chart recently signaled a sell for Bitcoin.
Historically, following such signals since February 15, Bitcoin prices have experienced declines ranging from 1.5% to 4.7%.
#Bitcoin MVRV indicator is at 19.57% right now! Since February 2021, each time it crossed the 18% threshold, $BTC price plunged by 24% to 55%.
Traders should monitor this trend as it anticipates a steep price correction! pic.twitter.com/kj3ysZPC46
— Ali (@ali_charts) March 5, 2024
Moreover, the Bitcoin MVRV indicator currently stands at 19.57%, surpassing the 18% threshold observed since February 2021. Past occurrences of the MVRV indicator crossing 18% have preceded steep price corrections of 24% to 55%.
These indicators suggest that traders should remain vigilant and closely monitor market dynamics.
Bitcoin at current price is trading at around 63k, after dropping from 69k today.
While Bitcoin’s near all-time high and record profits signal optimism among investors, potential short-term corrections underscore the importance of risk management strategies in navigating volatile cryptocurrency markets.
As Bitcoin continues to capture global attention, its price movements and market sentiment will remain closely watched by traders and investors alike in the coming days.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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