The Bitcoin (BTC) price rally seems to be absolutely unstoppable as the largest digital asset surges by another 8% pretty close to hitting its new all-time highs. At press time, Bitcoin<\/a> is trading at $68,200 with a market cap of $1.340 trillion. With this, BTC\u2019s gains on the weekly chart exceed 22%.<\/p>\n Insights from on-chain data provider Santiment indicate that Bitcoin\u2019s current market value of $68.0K is remarkably close to its all-time high (ATH) of $68.6K, with just a 0.9% difference. While there\u2019s a notable presence of traders anticipating a surpassing of this value in the near future, overall sentiment remains relatively neutral compared to previous bullish cycles.<\/p>\n <\/p>\n Unlike several meme coins and other altcoins experiencing recent surges, Bitcoin\u2019s neutral sentiment actually presents a favorable scenario for sustaining a rally. This sentiment, coupled with a degree of disbelief among traders, suggests potential for liquidation of short positions, thus potentially propelling a rally beyond $70K and further.<\/p>\n It\u2019s crucial to monitor how sentiment may evolve once the anticipated all-time high is reached, as crowd perceptions can swiftly shift following significant resistance breaches. It\u2019s worth noting that market movements often counter traders\u2019 expectations, reports<\/a> Santiment. Realized profits from Bitcoin (BTC<\/a>) have surged to a three-year peak, indicating that average traders who have held onto their assets are reaping substantial rewards.<\/p>\n <\/p>\n Also, as per the Liquidation data<\/a> from CoinGlass, more than $134 million in liquidations took place on the Bitcoin network. Of these, nearly $105 million in short liquidations have taken place.<\/p>\n <\/p>\n On-chain analyst Checkmate has highlighted a notable trend in the Bitcoin market, noting the initiation of all-time high (ATH) distribution by long-term Bitcoin holders.<\/p>\n <\/p>\n While approximately 40-50% of this distribution can be attributed to the Grayscale Bitcoin Trust (GBTC), it serves as a testament to the adeptness of HODLers in interpreting market dynamics. The pattern reflects a classic investment strategy of buying low and selling high.<\/p>\n Like clockwork, long-term #Bitcoin<\/a> holders have started their ATH distribution.<\/p>\n There is the nuance that a large proportion of this ~40-50% is from GBTC, but it goes to show that there are HODLers who can and do read the market very well.<\/p>\n Buying low, selling high. pic.twitter.com\/Q6kGQHoOxR<\/a><\/p>\n \u2014 _Check\u0271ate \ud83d\udfe0\ud83d\udd11\u26a1\u2622\ufe0f\ud83d\udee2\ufe0f (@_Checkmatey_) March 4, 2024<\/a><\/p>\n<\/blockquote>\n According to crypto analyst Ali Martinez, the TD Sequential indicator has signaled a sell indication for Bitcoin on the 4-hour chart. Historically, following such signals since February 15, Bitcoin\u2019s price has declined by 1.5% to 4.7%. This pattern is worth close observation for short-term traders. Also, with Bitcoin holders<\/a> in 100% profit, some profit booking could be around the corner.<\/p>\nBitcoin Price Rally to $70,000 And Above Likely?<\/h3>\n
Is BTC Profit Booking Round the Corner?<\/h3>\n
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