Bitcoin traders dismiss ‘triple top’ as BTC price closes at $150, $69K
Bitcoin (BTC) neared a new all-time high on March 5.
Bitcoin liquidity is extended to an all-time high
Data from Cointelegraph Markets Pro and TradingView showed BTC price coming in at 69,000.
Despite earning $5,000 a day, the psychological value of the highs was immediately apparent, and the bulls couldn't push through.
A subsequent reversal took the market to around $66,000.
Hours later, flash volatility saw BTC/USD drop $2,000 in three minutes — an event that dumped around $20 million on long positions, according to data monitored by CoinGlass.
This, in turn, put a dent in open interest, which has since quickly returned to the $31 billion circle at the time of writing.
In the terrible events of a week ago – predicted by some – the largest cryptocurrency exchange in the United States, Coinbase, experienced another outage.
As before, customer balances began to appear as zero, and criticism grew.
“2021's Bitcoin Bull Dwarves This Bull Run in Profits, Speculation and Retail,” James Van Straten, research and data analyst at crypto insights firm CryptoSlate wrote in part in response to X (formerly Twitter).
Van Straten said Coinbase has the technical ability to “control the load” and other factors are at play behind the scenes.
Coinbase's support account on X confirmed that the issue has been resolved.
We have released a fix that fixes a display issue affecting customer account balances.
What BTC price triples?
Discussing whether Bitcoin can pass the final hurdle before price discovery begins, prominent market participants appeared confident.
Related: Why Are BTC Traders Carrying Over $64K? 5 things to know in Bitcoin this week
Trader Kaleo likened the sentiment to the 2020 crash that created an old $20,000 high from 2017.
“This pump has the same sentiment as December 2020 when Bitcoin neared its ATHs at $20K, and after breaking above it has not looked back,” wrote X (formerly Twitter).
Colleague Jelle, on the other hand, dismissed the idea that $69,000 will remain in place and mark a “triple top” pattern for BTC/USD.
Another post predicts a new rally for altcoins as Bitcoin breaks all-time highs – again in line with historical precedent.
“History repeats itself before your eyes, and you're looking for signs of depression,” Jelle said.
“Get on the program. This market is going to go up.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
