In this article you will learn:
- What could happen next after reaching a new all-time high
- Why further price consolidations cannot be ruled out in the short term
- What reasons speak for a march to new highs in the coming weeks
The Bitcoin price reached a new all-time high of $69,324 yesterday, Tuesday, March 5th, after 846 trading days. As a result, as expected, some investors took profits and temporarily sent the BTC price south by 14 percentage points. At its peak, the crypto reserve corrected to $59,224 before the price stabilized and bulls pushed Bitcoin back to the $67,000 area.
At the time of this price analysis, the largest cryptocurrency is valued at around three percentage points below yesterday’s high and almost ten percentage points higher than at the beginning of the month. Despite the price recovery in the last 12 hours of trading, a renewed price consolidation in the short term should not come as a surprise. For example, when the Bitcoin price returned to its old all-time high from December 2017 for the first time in November 2020, the Bitcoin price spent 16 trading days until the then all-time high of $19,884 was sustainably overcome.
Which chart levels investors should keep an eye on in the event of possible price setbacks or price breakouts in the coming days and weeks is analyzed below.
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