Bitcoin price is less than 5% away from its all-time high as BTC market capitalization peaks

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• Bitcoin price is trading within the upper range of the November 2021 supply zone as crypto markets rally.
• BTC could reclaim its $69,000 peak, a level last seen in November 2021, with the potential for an extension to $70K.
• The pioneer crypto’s market capitalization has already set a new record, breaching the $1.3020 billion threshold.

Bitcoin (BTC) price is steadily edging towards its 2021 peak, just a tad away as markets show optimism. Trading activity remains sky-high with all signs pointing to the pioneering cryptocurrency reclaiming its peak.

Bitcoin inches closer to its peak price

Bitcoin (BTC) price is trading with a bullish bias, reaching for the $69,000 all-time high as cryptocurrency markets flash green. While BTC is yet to reclaim its peak price, the pioneer crypto’s market capitalization has already hit a new milestone, breaching its November 2021 peak of $1.3020 billion.

The optimism in the Bitcoin market has seen BTC surpass Meta Platforms, the parent company of giant social media platform Facebook, in market capitalization metrics. Reports also indicate that BTC continues to dethrone currencies across the globe.

Specifically, BTC has recorded a new all-time high in 70% (14 out of 20) of the G20 currencies. However, all eyes continue to watch its value against the US dollar (USD).

The host of CNBC’s Mad Money, Jim Cramer, attributes this to traders buying BTC as a hedge against fiat currencies.

JUST IN: Traders are buying #Bitcoin as a hedge against fiat currencies, states Jim Cramer pic.twitter.com/GZmKAPhER1

— BlockNews.com (@blocknewsdotcom) March 4, 2024

Amid frothing trading activity in the market, Coinbase Exchange has crashed again, with users complaining of latency issues and zero balances. However, the platform’s customer support has assured users of the safety of their funds.

Bitcoin price outlook as BTC market cap peaks

Bitcoin price is trading within the upper midrange of the November 2021 supply zone between $60,522 and $67,525. If BTC manages a candlestick close above the midline of this range at $64,023, it would confirm the continuation of the uptrend.

This could set the tone for the continuation of the trend with BTC likely to reclaim the $69,000 peak. In a highly bullish case, the pioneer crypto could extend the gains to $70,000, marking a new all-time high.

BTC/USDT 1-day chart, BTC market capitalization 1-day chart

Conversely, profit-taking could see Bitcoin price drop, with the supply zone holding as a resistance order block. In such a turnout, BTC could revisit the $60,000 psychological level.

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