{"id":596533,"date":"2024-03-06T14:00:33","date_gmt":"2024-03-06T14:00:33","guid":{"rendered":"https:\/\/uniquehot.com\/?p=596533"},"modified":"2024-06-11T07:05:33","modified_gmt":"2024-06-11T07:05:33","slug":"bitcoin-price-crash-10-69000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-crash-10-69000\/","title":{"rendered":"Why Did Bitcoin Price Crash 10% After Reaching $69,000 All-Time High?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The flagship crypto token, Bitcoin, <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-breaks-through-69000-setting-new-record\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">finally hit a new all-time high<\/span><\/a><span style=\"font-weight: 400\"> (ATH) on March 5 but quickly dipped by over 10% after this price surge. As explained by this market analyst, this sharp correction was to be expected and could become a norm heading into the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-bull-market-glassnode\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">bull market<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<h2>&#8220;Bull Markets Are Not Straight Lines Up&#8221;<\/h2>\n<p><a href=\"https:\/\/bitcoinist.com\/pro-xrp-lawyer-threat-crypto\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Alex Thorn<\/span><\/a><span style=\"font-weight: 400\">, Head of Research at Galaxy Digital, noted in an X (formerly Twitter) <\/span><a href=\"https:\/\/x.com\/intangiblecoins\/status\/05126334?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\"> that the market doesn&#8217;t move to the upside unfettered, even in a bull market, and corrections are to be expected. He alluded to the <\/span><a href=\"https:\/\/bitcoinist.com\/rewards-2021-bitcoin-bull-buyers-finally-break-even\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">2021 bull run<\/span><\/a><span style=\"font-weight: 400\">, where Bitcoin experienced around 13 corrections of 10% or more between 2020 and the peak when the crypto token hit its previous ATH.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/massive-rally-dogecoin-price-1\/\">Analyst Predicts Massive Rally For Dogecoin Price With A $1 Target, Here\u2019s How<\/a><\/div>\n<p><span style=\"font-weight: 400\">Thorn also referenced the 2017 bull run, noting that the same thing occurred then as Bitcoin experienced 13 drawdowns of 12% or more. Therefore, what happened with Bitcoin recently isn&#8217;t unusual, and more corrections are likely to occur as the crypto token hits new highs on its way to the peak of this market cycle.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, as <\/span><a href=\"https:\/\/x.com\/intangiblecoins\/status\/28181957?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">revealed<\/span><\/a><span style=\"font-weight: 400\"> by Thorn, something similar happened in December 2020 when BTC touched its prior ATH of $20,000, then traded 11.3% lower for the next 15 days before going on to \u201cdefinitively\u201d break its ATH. If the same thing happens now, the analyst believes that could be good for Bitcoin, stating that &#8220;some consolidation would be healthy\u201d after its year-to-date gains.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Moreover, it is worth mentioning that Bitcoin has been on a run since the end of last year (just before the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-spot-etf-100-volume\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Spot Bitcoin ETFs<\/span><\/a><span style=\"font-weight: 400\"> were approved) and hasn&#8217;t slowed since then. Therefore, a significant pullback for the flagship crypto token seems long overdue.\u00a0<\/span><\/p>\n<h2>Profit Taking Is To Be Expected For Bitcoin<\/h2>\n<p><a href=\"https:\/\/uniquehot.com\/news\/cardano\/dramatic-rise-in-cardano-ada\/#:~:text=Cardano%20To%20Rise%20To%20%241,of%20painting%20a%20bull%20flag.\"><span style=\"font-weight: 400\">Crypto analyst Guy Turner<\/span><\/a><span style=\"font-weight: 400\"> suggested in an <\/span><a href=\"https:\/\/x.com\/coinbureau\/status\/35390594?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">X post<\/span><\/a><span style=\"font-weight: 400\"> that profit-taking could have been the cause of the pullback and that more profit-taking is likely to take place. Investors aggressively taking profit was to be expected considering that Bitcoin hitting a new ATH ultimately put all wallets holding the crypto token in profits.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-open-interest-record\/\">Dogecoin Open Interest Surges To Record $1.49 Billion<\/a><\/div>\n<p><span style=\"font-weight: 400\">Turner also noted that these corrections are healthy for a sustainable long-term market. It also allows investors to position themselves and <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-whales-buying-spree\/\"><span style=\"font-weight: 400\">accumulate more BTC<\/span><\/a><span style=\"font-weight: 400\"> during the dip. On the bright side, the bull market is all but confirmed, with Bitcoin hitting a new ATH. According to <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-whales-buying-spree\/\"><span style=\"font-weight: 400\">crypto analyst Ali Martinez<\/span><\/a><span style=\"font-weight: 400\">, this cycle is expected to continue until sometime in October 2025.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is trading at around $65,900, down over 2% in the last 24 hours, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/Ogxfkq8A\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">BTC recovers from flash crash | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from BBC, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The flagship crypto token, Bitcoin, finally hit a new all-time high (ATH) on March 5 but quickly dipped by over 10% after this price surge. As explained by this market analyst, this sharp correction was to be expected and could become a norm heading into the bull market. &#8220;Bull Markets Are Not Straight Lines Up&#8221; Alex Thorn, Head of Research at Galaxy Digital, noted in an X (formerly Twitter) post that the market doesn&#8217;t move to the upside unfettered, even in a bull market, and corrections are to be expected. He alluded to the 2021 bull run, where Bitcoin experienced around 13 corrections of 10% or more between 2020 and the peak when the crypto token hit its previous ATH. Related Reading: Analyst Predicts Massive Rally For Dogecoin Price With A $1 Target, Here\u2019s How Thorn also referenced the 2017 bull run, noting that the same thing occurred then as Bitcoin experienced 13 drawdowns of 12% or more. Therefore, what happened with Bitcoin recently isn&#8217;t unusual, and more corrections are likely to occur as the crypto token hits new highs on its way to the peak of this market cycle.\u00a0 Meanwhile, as revealed by Thorn, something similar happened in December 2020 when BTC touched its prior ATH of $20,000, then traded 11.3% lower for the next 15 days before going on to \u201cdefinitively\u201d break its ATH. If the same thing happens now, the analyst believes that could be good for Bitcoin, stating that &#8220;some consolidation would be healthy\u201d after its year-to-date gains.\u00a0 Moreover, it is worth mentioning that Bitcoin has been on a run since the end of last year (just before the Spot Bitcoin ETFs were approved) and hasn&#8217;t slowed since then. Therefore, a significant pullback for the flagship crypto token seems long overdue.\u00a0 Profit Taking Is To Be Expected For Bitcoin Crypto analyst Guy Turner suggested in an X post that profit-taking could have been the cause of the pullback and that more profit-taking is likely to take place. Investors aggressively taking profit was to be expected considering that Bitcoin hitting a new ATH ultimately put all wallets holding the crypto token in profits.\u00a0 Related Reading: Dogecoin Open Interest Surges To Record $1.49 Billion Turner also noted that these corrections are healthy for a sustainable long-term market. It also allows investors to position themselves and accumulate more BTC during the dip. On the bright side, the bull market is all but confirmed, with Bitcoin hitting a new ATH. According to crypto analyst Ali Martinez, this cycle is expected to continue until sometime in October 2025.\u00a0 At the time of writing, Bitcoin is trading at around $65,900, down over 2% in the last 24 hours, according to data from CoinMarketCap.\u00a0 BTC recovers from flash crash | Source: BTCUSD on Tradingview.com Featured image from BBC, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":596560,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,506,656,679,1119,1122,17066,1144,78790],"class_list":["post-596533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-crash","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btc-price-prediction","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Why Did Bitcoin Price Crash 10% After Reaching $69,000 All-Time High?<\/title>\n<meta name=\"description\" content=\"The flagship crypto token, Bitcoin, finally hit a new all-time high (ATH) on March 5 but quickly dipped by over 10% after this price surge.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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