---
title: "BTC price corrects 7% after Bitcoin sets first-ever pre-halving all-time high"
url: https://diffcoin.com/btc-price-corrects-7-after-bitcoin-sets-first-ever-pre-halving-all-time-high/
description: "Bitcoin (BTC) fell $5,000 on March 5 after a unique BTC price all-time high sparked mass volatility.BTC/USD 1-hour chart. Source: TradingViewBitcoin…"
published: 2024-03-05
updated: 2024-03-05
author: "Mila"
site: "Diffcoin"
---

# BTC price corrects 7% after Bitcoin sets first-ever pre-halving all-time high

Bitcoin (BTC) fell $5,000 on March 5 after a unique BTC price all-time high sparked mass volatility.

*BTC/USD 1-hour chart. Source: TradingView*

## Bitcoin sellers put brakes on price discovery

Data from Cointelegraph Markets Pro and TradingView tracked snap losses for BTC/USD as the pair shed 6.7% in just over an hour.

The reaction followed new all-time highs for Bitcoin, with bulls waiting since November 2021 for BTC price discovery.

With volatility still rampant at the time of writing, market observers sought to take a balanced perspective on current market performance.

“It’s perfectly normal for Bitcoin to pull back from the all time high (this happens every cycle),” crypto author and educator Vijay Boyapati [argued](https://twitter.com/real_vijay/status/1765041976536424850) on X.

> “Large sellers use the anticipation of the moment to dump into a high liquidity moment. Importantly the psychological wall is broken and true price discovery will eventually begin.”

*BTC liquidations (screenshot). Source: CoinGlass*

The latest data from monitoring resource CoinGlass estimates that liquidations totaled nearly $150 million during the correction from the new highs of $69,210 on Bitstamp.

As Bitcoin returned to the mainstream spotlight, longtime hodlers were celebrating the highs for a different reason.

As many noted, 2024 marks the first time that BTC/USD has hit new record levels before a block subsidy halving event.

Boyapati [called](https://twitter.com/real_vijay/status/1765041976536424850) the achievement “unprecedented.”

“Bitcoin has passed $0.069M before the halving,” Samson Mow, CEO of Bitcoin adoption startup Jan3, [continued](https://twitter.com/Excellion/status/1765030447522644376).

> “All your cycles are destroyed.”

## BTC price action enters “new era”

In his latest YouTube update, meanwhile, popular trader and analyst Rekt Capital considered whether the current price cycle had “accelerated” thanks to the pre-halving move.

***Related: Why are BTC traders bearish above $64K? 5 things to know in Bitcoin this week***

In previous cycles, he noted, BTC/USD took around 500 days to hit new all-time highs after a halving, meaning that this time around, progress might be “ahead of schedule.”

“Something to consider as we enter a new era for Bitcoin’s price action — we’ve never really seen price action like this before,” he acknowledged, listing various unique aspects of the market this year.

How Bitcoin goes forward to treat the all-time high region, he said, was key.

Fellow trader Mikybull Crypto added that in 2020, BTC/USD tracked sideways below new all-time highs for two weeks before finally seeing upside continuation.

“Bitcoin on a critical decision point right now. In 2020, it wicked through to break an all-time high and retraced back into the box for two weeks before closing above the previous ATH,” he wrote on X alongside an illustrative chart.

> “Will this time be different due to ETFs inflows?”

*BTC/USD annotated chart. Source: Mikybull Crypto/X*

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

[Source link](https://cointelegraph.com/news/btc-price-corrects-bitcoin-pre-halving-all-time-high)