Bitcoin Hits New High of $71,500
Bitcoin started the new trading week with a rapid growth, reaching a new all-time high of $71,500. The price continues to grow.
Monday kicked off with Bitcoin reaching new heights. Whales refused to sell their holdings when the asset crossed the significant level of $70,000, which opened a window for further growth. At the time of writing, the asset was trading around $71,500.
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Today's growth is due to positive market sentiment and increased attention of institutional investors to Bitcoin. The leader among Bitcoin funds is BlackRock's iShares Bitcoin ETF (IBIT), which beat MicroStrategy by accumulating 195,985 Bitcoins. The positive sentiment is also bolstered by the upcoming halving, which is 36 days away.
Gun to my head, I believe that we are just at the start of a major bull run for both Bitcoin and the broader Crypto market in general. I think that we will likely see a huge bubble and that coins with no fundamental value will also skyrocket before it inevitably pops.
— The Wolf Of All Streets (@scottmelker) March 8, 2024
That…
Amid the achievement of new highs, fees on the Bitcoin network have dramatically doubled. In addition to crossing the $70,000 mark, the sharp rise in network fees was also influenced by an increase in activity in the Ordinals protocol. This movement caused transaction volumes to reach their highest level in months. Transaction volume surpassed $100 billion for the first time since November 2022.
Bitcoin fees more than doubled this week, with Ordinals-related transactions hitting a monthly high. pic.twitter.com/YXh9oMMYSK
— IntoTheBlock (@intotheblock) March 9, 2024
Last weekend, the Bitcoin price attempted to break above $69,000 and even briefly surpassed the $70,000 mark, where bears were waiting for the asset. On Monday, the bulls managed to break above the $69,500 resistance zone, which sent the price above $70,000. The next major resistance is at the $72,000 mark. Further gains could send the asset to the crucial levels of $75,000 and even $77,000.
Other technical indicators show the ambiguity of Bitcoin's further movement. On the one hand, the RSI index is at 56, indicating a slightly bullish sentiment. On the other hand, the MACD index indicates a potential bearish momentum.
Many experts also say that the Bitcoin price could move towards $80,000 if ETF inflows pick up in the coming week. However, before that, the asset needs to overcome a significant psychological level at $75,000.
Still, not everyone agrees with this view. Analyst platform Santiment warns of a major pullback to $60,000 in the short term. Moreover, Bitcoin whales, according to the platform, are dividing their assets, moving them between wallets or to and from exchanges. This trend is observed during periods of holding or selling decisions.
This is not a 100 percent statement. The cryptocurrency market is very volatile. Investors should exercise caution when making decisions.
