Bitcoin traders disregard ‘triple top’ pattern as BTC price halts $150 below $69K

Bitcoin (BTC) came close to reaching new all-time highs on March 5, as volatility led to the liquidation of late trades. BTC almost hit $69,000, but the psychological significance of this level prevented bulls from pushing through. Shortly after, a sudden drop in price caused BTC/USD to lose $2,000 in just three minutes, resulting in the liquidation of approximately $20 million in long positions. This event also impacted the record-high open interest, although it quickly rebounded to approximately $31 billion. In a similar occurrence to last week, Coinbase, the largest cryptocurrency exchange in the United States, experienced another outage, with customer balances showing as zero. However, Coinbase’s support account confirmed that the issue had been resolved. Despite these setbacks, market participants remain confident that Bitcoin will overcome the final hurdle before price discovery. Traders predict that altcoins will experience a surge once Bitcoin surpasses its all-time high. It’s important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.