Bitcoin briefly notches new all-time high before dropping again

Bitcoin broke its all-time high today.
It slumped back down by 2.3%.
Analysts say it may take a few weeks for Bitcoin to enter true price discovery.

Bitcoin reached a new all-time high price of $69,255 on CoinGecko today before quickly dropping back down 2.3% to $66,700.

The top cryptocurrency’s previous all-time high of $67,617 was notched in November 2021, according to the price aggregator.

Bitcoin made new highs on some exchanges like Coinbase on Tuesday before immediately plunging 14%, causing $1 billion in liquidations across the crypto market — the largest liquidation event since the collapse of FTX in November 2022.

Analysts subsequently told DL News that Bitcoin would likely reach true price discovery in a matter of weeks. Open interest remains high, meaning that volatility is to be expected.

Bitcoin took a month to decisively break through its 2017 all-time highs in 2020.

This is a developing story and will be updated as more information becomes available.

Tom Carreras is a markets correspondent at DL News. Got a tip about Bitcoin? Reach out at tcarreras@dlnews.com