Bitcoin’s trajectory moves closer to its all-time highs

  • March 5, 2024
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The crypto market may soon surpass its historical highest trading levels, as Bitcoin’s trajectory seems to be rising consistently in the last 24 hours with renewed strength.

Traders were in for an extremely bullish scenario in the crypto market on March 4. Bitcoin’s trajectory jumped steeply, bringing it closer to $69,000. At this rate, Bitcoin could soon have a new all-time high mark if the market rallies. Experts noted BTC could even trade higher than $70,000 in the current month, as the overall crypto indicators are all positive.

Bitcoin’s market cap, institutional capital inflows, and the total open interest in BTC have all surged. BTC’s dominance in the crypto market has also been over 53%, which is a very buoyant signal. At the same time, there are no crypto market indicators in sight that could slow down the market. Earlier, slowing macroeconomic indicators used to trigger the market negatively. In this case, the effect of such indicators has likely diminished for some time.

Leading crypto analyst James Butterfill described the increasing spot Bitcoin ETF inflows and said, “Total assets under management (AuM), after recent price rises, are now very close to the all-time high at US$82.6bn, just shy of the US$86bn peak set early November.”

BTC’s demand is rising gradually and has shown no signs of slowing down. It could be a big enabler for BTC to hit record levels in March 2024 itself.

BTC/USD 1D price chart

Bitcoin is currently trading at around $ 66,500 on March 5, 2024, with BTC/USD trading higher by a margin of 3% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.32 trillion, a new record.

BTC/USD is trading higher than its 20-day EMA (53.996,43), as BTC’s 24-hour volume was at around $76 billion. The global crypto market cap increased by around 5%, trading above $2.48 trillion. BTC’s year-to-date returns are at 59.17%.

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