• On March 5, the price of Bitcoin reached a new all-time high of $69,210 on the BitStamp platform.
• Since then, BTC’s volatility has decreased, as it is currently consolidating above the $61,782 support level.
• Further supporting the current upswing is the optimistic future for the pioneering cryptocurrency shown by on-chain indicators.

The price of Bitcoin (BTC) is optimistic as it stays close to the recently established all-time high (ATH) of $69,210. While the technical and fundamental backdrops are extremely positive, investors shouldn’t be shocked if Bitcoin takes a break and goes sideways over the next several days or weeks.

The price of Bitcoin continues to rise

The bitcoin price is currently trading over the weekly support level of $61,782 and slightly below its 2021 ATH of $69,000. At $69,210, the most recent wick on March 5 set a new record high. Nevertheless, despite being historic, this action also set off a significant liquidation event that erased the market’s $1 billion worth of positions.

Some altcoins plummeted, while others swiftly regained their losses.

Investors are now curious about what will happen next. What will happen to cryptocurrencies next?

As long as there are no alarming stories to report, Bitcoin’s price should keep rising towards $70,000, a significant whole number level. If Bitcoin falls to that level, it will be wise to accumulate in the imbalance zone between $59,313 and $53,015 at any time.

Investors believe that retail capital has not yet arrived and that institutional flows resulting from the ETFs’ approval are primarily responsible for the most recent rising move. Therefore, the FOMO-driven increase in Bitcoin’s price could push it towards $100,000 when retail investors decide to jump in.

The Supply on Exchanges indicator on Santiment’s platform shows an intriguing trend: it has decreased from 1.01 million BTC to 885K BTC. This 11% decline indicates that Bitcoin holders are shifting their holdings off exchanges because they are confident in the impending rally. This outflow should ideally indicate a favorable prognosis for the ecology.

As predicted, the Global In/Out of the Money (GIOM) data from IntoTheBlock indicates that almost all Bitcoin holders are profitable. Few investors, who spent between $65,000 and $67,400 for 411K BTC, are at break even. There is virtually little likelihood of a sell-off in the price of Bitcoin because these investors own relatively little of the cryptocurrency.

Overall, bitcoin’s price remains optimistic, as it did in 2023. However, Bitcoin may take a dip before surging above $70,000. Bitcoin might have a significant sell-off to the $43,786 support level, which might create a potential bottom and spark another major rally to the $100,000 level, or possibly higher if the price movement from 2021 is repeated, though this is improbable.