The decline in the price of Bitcoin (BTC) during the week triggered a pullback that saw the coin fall below the $66,000 support level for the first time since it crossed its all-time high (ATH) above $73,000.
Bitcoin (BTC) price path.
At the time of writing, market data pegs Bitcoin's price at $65,777.25, down 3.6% in 24 hours. There is evidence of volatility in the market as the coin reached a daily high of $70,046.27 before the current price was printed.
While many market experts refused Bitcoin price correction, the continued decline is further negatively impacting the altcoin rally in general. This is shown by over 151,000 traders filtered in the last 24 hours. The slippage in prices has widened the overall range Market qualifiers to $426.02 million, with Bitcoin suffering the most liquidation.
Over the past 24 hours, Bitcoin's price liquidation figure surpassed $104 million, with long-term traders erasing the most as they suffered a decline of $86.36 million versus $18.15 million for short traders. The streak of losses also carried over to Ethereum with a total liquidation of $47.98 million distributed among $32.79 million and $15.18 million among long and short traders respectively.
While major market altcoins have suffered liquidations across the board, the Solana-based memecoin has made quite the splash. Mimi book (BOME) is included in the recession. The associated BOME liquidation of $10.16 million was moderate, however, given its relative age and smaller market cap, it incurred more losses than more established alternatives such as Shiba Inu (SHIB) with a decline of $4.05 million.
Market triggers to watch
Although long-term traders are suffering losses, the table may turn in the short term as many analysts expect a recovery soon.
One of the catalysts that could lead to this growth is the Bitcoin ETF spot market, whose steady capital inflow has helped keep the price of Bitcoin low thus far. According to expectations, with the continued demand for Bitcoin ETFs, the valuation will always remain high, with Mike Novogratz, CEO of Galaxy Digital, noting that Bitcoin is in a growth phase. Price discovery mode.
the Bitcoin halving This event is also expected to help maintain the demand buzz for Bitcoin. This event will help lower the reward rate for Bitcoin blocks and generally limit the supply of the coin which could lead to further price growth if demand continues.
The content provided may include the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication does not accept any responsibility for your personal financial loss.
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