Bitcoin surged past the $72,000 mark today, achieving a new all-time high (ATH) and bringing joy to investors as 100% of Bitcoin addresses reportedly found themselves in profitable territory.

Ahead of this impressive rally, a newly established wallet, 3Khjn, made significant withdrawals from Binance, totaling 598.8 BTC, valued at $41.5 million, at an average price of $69,333.

Over the past 22 hours, this wallet has withdrawn a total of 4,192 BTC from Binance, with an average cost of $68,937, amounting to $289 million, and now boasting a profit of $1.66 million.

The $BTC price broke $71,000, recording a new ATH!

Fresh whale 3Khjn withdrew a total of 4,192 $BTC from #Binance at ~$68,937 (cost: $289M) in the past 1.5 days, now making $10M+!

Follow @spotonchain and turn your at https://t.co/xdn6HytMMe pic.twitter.com/EURNsQqG0x

— Spot On Chain (@spotonchain) March 11, 2024

The cryptocurrency market witnessed record-breaking weekly inflows of $2.7 billion into digital asset investment products, bringing the total inflow for the year to an impressive $10.3 billion.

Weekly trading turnover soared to $43 billion, surpassing the previous record of $30 billion set the week before.

Notably, the weekly and monthly inflows into the BlackRock Bitcoin ETF have outpaced the outflows from Grayscale, highlighting a shifting trend in investor sentiment.

Digital asset investment products saw record weekly inflows totalling US$2.7bn, bringing total inflow year-to-date to US$10.3bn. Weekly trading turnover reached US$43bn for the week, smashing last week’s record US$30bn. BlackRock Bitcoin ETF’s weekly and monthly inflows have… pic.twitter.com/KitHvBGVEy

— Wu Blockchain (@WuBlockchain) March 11, 2024

3.5% Bitcoin Dip That’s Close, Areas To Monitor

However, amidst the euphoria, analyst Ali Martinez highlighted a cautionary signal for Bitcoin traders. The TD Sequential indicator, renowned for its predictive capabilities, flashed a sell signal for Bitcoin on the 12-hour chart.

Historically, whenever this indicator suggested selling since early February, the price of Bitcoin experienced declines ranging from 1.6% to 3.5%. 

The TD Sequential indicator showed a sell signal for #Bitcoin on the 12-hour chart!

Since early February, every time this indicator suggested selling, the price of $BTC dropped by 1.6% to 3.5%. This trend is something short-term traders should watch closely! pic.twitter.com/ppQ9ZLG076

— Ali (@ali_charts) March 11, 2024

This trend warrants attention from short-term traders as they navigate the volatile cryptocurrency market.

As Bitcoin continues to capture headlines with its remarkable price movements, investors and traders alike remain vigilant, weighing the excitement of new all-time highs against the potential signals of market correction.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: kebox/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ March 12, 2024 8:25 pm