Bitcoin Price Hits $70,000 Briefly Before Falling Back Down

  Key Takeaways

• Bitcoin reached a new all-time high on March 8.
• BTC hit $70,000, reaching a new record high less than three days after its previous peak. 
• It then retraced a bit, remaining above $68,000.
• Where is the Bitcoin price heading?

On Friday, March 8, 2024, Bitcoin reached a new peak, surging to the milestone of $70,000 for the first time in its history.

The king of cryptocurrencies had already set a new record just three days before. It surpassed its previous high and broke the $70,000 barrier on March 8. What lies ahead for BTC?

Bitcoin Scores New All-Time High

Kraken  sent a notification to its clients confirming that BTC surpassed $70,000 in the afternoon of Friday, March 8, 2024. As shown in the graph below, BTC reached this level and then retraced slightly.

According to CoinMarketCap, BTC reached $70,083.05 around 1530 GMT. Bitcoin then dropped slightly, and on CoinMarketCap, it is currently valued at $68,414.32 at the time of writing.

Last Record Hit Few Days Ago

On Tuesday, March 5, 2024, Bitcoin surged to another milestone, reaching an all-time high. Having maintained a trading position above $60,000 for several weeks, the king of cryptocurrencies demonstrated its resilience and upward trajectory.

According to data  from Coinmarketcap, BTC soared to a $69,170.63 during the afternoon of March 5. Kraken, a prominent exchange platform, also confirmed the milestone, reporting a peak of $69,000 around 1300 GMT.

The journey to this historic high has been a testament to Bitcoin’s enduring appeal and market dynamics. Beginning the year 2024 on a positive trajectory, Bitcoin was bolstered by a series of significant developments that buoyed trader sentiment and confidence.

Since its dip below $20,000 in 2022, Bitcoin has defied expectations with a staggering surge of over 300%. This remarkable ascent, which began in November 2022, has surpassed previous records, including the one set in November 2021 when Bitcoin came tantalizingly close to hitting $68,790. The resurgence of interest from both seasoned investors and newcomers alike, coupled with a thriving crypto market environment, has fueled Bitcoin’s remarkable journey to its latest peak

What’s Ahead?

According to our technical analysis, Bitcoin is teetering on the edge of its record highs, yet the Relative Strength Index at 88% signals it as overbought, warranting caution.

History suggests that sharp increases in value often precede corrections, and if this pattern holds true, Bitcoin could be poised for a significant downturn, potentially retracting by 40% or more. The outcome of this surge remains uncertain, as March could either propel Bitcoin to new peaks or usher in a notable pullback.

Despite the prospect of scaling new all-time highs, the probability of Bitcoin maintaining its upward trajectory appears slender. It momentarily breached the $70,000 mark without immediate signs of weakness.

About the Author

Giuseppe Ciccomascolo

Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors. Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.

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