Over the last 24 hours, Bitcoin (BTC) dropped by 4.3%, causing a significant downturn in the crypto market as a whole. This slip triggered many investors to sell off their holdings, reaching the point of breaking even due to the recent market uptick.
The cryptocurrency market has experienced a significant drop since its recent rally, during which various cryptocurrencies saw impressive double-digit increases in value. Bitcoin regained the $66,000 mark on April 15, contributing to a total crypto market capitalization of approximately $2.384 trillion.
After reaching a peak of $66,867 the previous day, Bitcoin experienced a significant drop. It fell into the higher end of the $61,000 range before rebounding from this point. Although it managed to rise above this level, Bitcoin saw a 4% decrease in value over the last 24 hours and was priced at $63,250 when last checked.
As a result, the value of the crypto market has decreased by over $79 billion in just one day, bringing the total market capitalization down to approximately $2.243 trillion. A major contributor to this unexpected downturn is an increase in selling activity, as investors cashed out their profits during the recent price recovery.
Significantly, the market saw a total trade volume of $121 billion on the previous day, indicating a rise in trading activity. In times of market decline, a significant jump in trading volume can point to an uptick in sell-offs. Even with a minor decrease, the volume continues to exceed the $100 billion threshold, currently standing at $112.7 billion.
An additional piece of information from Coinglass is that the volume of Bitcoin derivative contracts has risen by 10.31% over the past day to reach $98.1 billion at the present moment. The long/short ratio currently stands at 0.9573, suggesting a significant rise in derivative trading activity and a generally bearish market mood.
Despite the upcoming Bitcoin halving event, which is supposed to boost the cryptocurrency’s price by decreasing its daily production rate, the persistent bearish trend has continued. Surprisingly, Crypto.com CEO Kris Marszalek predicted this market downturn before the halving, which is set to occur in the next few days.
Bitcoins have been flowing more frequently into exchanges lately, indicating higher demand for selling. Additionally, the potential conflict between Iran and Israel continues to simmer, as Israel allegedly intends to respond to the previous attack instigated by Iran.
Bitcoin’s price sitting where it is now requires jumping over the $64,735 mark represented by the 50-day moving average for a change in short-term outlook from pessimistic to optimistic. Yet, this digital asset may encounter strong opposition at $64,200, which coincides with the 0.236 Fibonacci level.
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2024-04-16 12:48