Bitcoin reaches new all-time high before quickly tumbling back down

After years of waiting, the price of Bitcoin hit a new all-time high, pushing just above $70,000 before it quickly recorrected by 5%.

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It was November 2021 when Bitcoin hit its previous all-time high, capping out at $69,000 before the world's most valuable cryptocurrency entered into a bear market of price recorrection. That bear market has seemingly come to its end as the price of BTC has been on the rise since November 2022, steadily increasing all throughout 2023 and now reaching its new all-time high of $70,184.

CNBC reports the upswing in price began when the US stock market opened, which can be traced back to the introduction of spot bitcoin exchange-traded funds in the US. On Tuesday, BTC pushed to its previous highs, and once it got there, the cryptocurrency quickly tumbled back down by as much as 10%, which resulted in many other cryptocurrency coins coming down with it. However, those losses were then regained the next day, eventually leading to the new all-time high.

"Navigating old highs is notoriously tricky and the bitcoin dam doesn't tend to burst at the first time of asking," said Antoni Trenchev, co-founder of crypto exchange Nexo. "Tuesday's sharp bitcoin sell-off was healthy, necessary and a prelude to further gains. Volatility defines bitcoin bull markets and 2024 will be littered with sudden and gut-wrenching 10%-20% plunges."