Posted 3/8/2024, 4:27:00 PM
Bitcoin Hits New High Above $70K Before Sharp Sell-Off
- Bitcoin hit a new all-time high above $70K on Friday before quickly selling off, similar to Tuesday's correction
- The rally was capped by large selling pressure, with the price tumbling about 5% in under an hour
- Over $240M in leveraged trades were liquidated, far less than Tuesday's $1.2B wipeout
- Resistance from nearly $70M in sell orders on exchanges like Binance posed a barrier to further gains over $70K
- The reversal wasn't as severe as Tuesday's 14% tumble after bitcoin's first trip above $69K this week