Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
to a key level was met with a wave of selling as the price during Monday morning U.S. hours quickly plunged more than 3% after pushing above $70,000 for the first time since early June.Traders will be familiar with this price pattern in 2024, which first manifested itself in mid-January when bitcoin climbed to a multi-year high of $47,000 just after the spot ETFs opened for trade.
Similar price action was seen in early March after bitcoin pushed to a what was then a new all-time high above $69,000 and just hours later found itself below $60,000. Later that month, a move to another record above $73,500 was snuffed out in quick fashion and more than four months later that level hasn't again been challenged.
While the above might be frustrating to leveraged traders and their profit and loss, technicians might note a pattern as each of those examples shows higher highs and higher lows – the sort of"up and to the right" chart that bulls like to see. Indeed, earlier in July, bitcoin plunged below $54,000 as a German government entity began unloading its stash of 50,000 tokens seized as part of a criminal case. Yet just a couple of days before August hits, bitcoin is poised to close the month with a sizable gain from the $63,000 area in which it begun.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
M's Broadcaster Had Electric Call of Team's Back-to-Back-to-Back Home RunsYou can just tell that Seattle Mariners broadcaster Aaron Goldsmith has been waiting to unleash this kind of energy.
Read more »
Bitcoin and Ethereum Trade Sharply Higher - BTC/USD and ETH/USD LatestBitcoin and Ethereum both rallied sharply over the weekend and continue to push higher today. The weekend rally has turned the technical outlook positive again.
Read more »
DJT stock pulls back after 31% surge following assassination attemptDJT stock pulls back after 31% surge following assassination attempt
Read more »
Samson Mow Teases Crucial Bitcoin Argument to Be Resolved Within Coming MonthsBitcoin maximalist Mow has issued important Bitcoin statement
Read more »
'Rich Dad Poor Dad' Author Gives Crucial Reason For Saving BitcoinRenowned Bitcoin supporter Kiyosaki issues an important Bitcoin call to the cryptocurrency community
Read more »
Bitcoin Soars to $67,300, Michael Saylor ReactsLeading Bitcoin supporter Saylor issues a bullish statement, while Bitcoin suddenly spikes by 6%
Read more »