Bitcoin's previous all-time high price, recorded on November 10, 2021, was around USD 68,900 per coin (depending on exchanges).

But yesterday, the price of Bitcoin exceeded 69k! However, the jubilation from the new historical peak quickly gave way to fear — as the BTC/USD rate began to fall rapidly. From peak A to low B – the price traveled a path of more than -14% in just 5 hours.

These events highlight 2 characteristic features of the cryptocurrency market:
→ Excessive volatility, which is not typical for the stock and foreign exchange markets. For comparison: on October 19, 1987 — Black Monday — the S&P 500 index fell by about 20.5%. After this incident, there were no days when the drop exceeded 14%.
→ Emotionality of the market and the importance of psychological levels. At these levels, the price of Bitcoin often makes false punctures. Yesterday, there were 2 such punctures: a false bullish puncture of the 2021 top, and a false bearish puncture of the round level of 60k dollars for Bitcoin.

It is also worth noting that yesterday’s low was strengthened by support lines:
→ Fibo level 50% of the rally 0→A.
→ The lower border of the ascending channel (shown in blue).

Technical analysis of the Bitcoin chart shows that the price continues to move in an ascending channel, moreover, the price has returned to its upper half. It is possible that yesterday's sharp decline, which saw over USD 400 million in long positions liquidated across 8 major crypto exchanges, is an extremely aggressive form of correction that occurred as part of the current uptrend. If so, then in March we may witness new hikes in the price of Bitcoin to historical peaks.

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