Bitcoin (BTC) hit $44,000 overnight on March 1st as the rally that started on Monday produced unexpected results.
BTC/USD hourly candlestick chart (bit mark). Source: Trading View
Traders warn of ‘massive fluctuations’ in bitcoin price
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD reached $44,250 on Bitstamp before the consolidation, still above $43,000 at the time of writing.
This move consisted of two major phases that began shortly before Wall Street opened.
Due to the highly uncertain macro environment, it was difficult for analysts to predict what would happen next with Bitcoin’s price action, and this sentiment continued as local rallies emerged.
Looking back to March, renowned trader and analyst Pentoshi noticed that he was in the process of adding more triggers to the macro set.
“I want to point out that March is a month of massive change,” he told his Twitter followers that day.
“So I think a casual approach is best. A lot is happening in the world right now. Nobody guesses. I usually open annually, but then we’ll wait and see.”
However, he acknowledged that he “does not expect” bitcoin to rise rapidly despite being more hawkish in February.
In addition to the ongoing war between Russia and Ukraine, the US Federal Reserve will decide on a significant increase in interest rates this month. US Consumer Price Index (CPI) data was released on March 10.
Data from surveillance source Coinglass showed that the bears, meanwhile, have taken a hit from recent events, with a total of $305 million worth of cryptocurrencies being liquidated in 24 hours.
Filter chart for cryptocurrency. Source: Coinglass
LUNA shines with altcoin recycling
In doing so, Bitcoin outperformed most of the top ten cryptocurrencies in market value, with a 15% return in 24 hours.
Related: War puts bitcoin price to the test – 5 things to see for bitcoin this week
Ethereum (ETH) managed to add around $370 to reach local highs of $2970 but still failed to break through key resistance above.
Terra (LUNA) took the crown again, nearly doubling over 20% in just seven days.