Bitcoin hit a new all-time high, but the failure to sustain the breakout suggests that bears remain active at higher levels.
Bitcoin (BTC) made a new all-time high, skyrocketing to $70,199 on Coinbase exchange, indicating that buyers remain in the driver’s seat. However, the bears have not allowed the price to maintain above $70,000, suggesting that every higher level is being sold into.
Along with a surge in price, Bitcoin’s spot trading volume has also increased, suggesting that retail traders are back in the market. Bitcoin’s daily spot trading volume soared to $46.26 billion across centralized exchanges on March 5, the highest level in a year. After the recent rise, some investors seem ready to book profits. Glassnode data shows that Bitcoin transfers to Coinbase have risen near the 2022 highs.
As Bitcoin hovers near $69,000, select major altcoins have resumed their up move, indicating that traders may shift their attention to altcoins. According to Blockchain Center’s altcoin season index, an altseason has not yet started, but K33 Research believes it is about to begin.
