The rise in the crypto market, Bitcoin It ended with its price falling 8% to $67,345. But the overall crypto market has lost more than $200 billion in value in the last 24 hours. This selling pressure emerged when the US announced higher-than-expected PPI inflation data.
In recent transactions, the value of Bitcoin fell below the $68,000 level, falling to $67,788, a decline of 7.53% in the last 24 hours, according to Binance data. Simultaneously, Coinglass data shows that the total liquidations that took place during the same time period exceeded $576 million and constituted $448 million of the liquidation of long positions. This large-scale liquidation activity affected 167,000 people.
Blood Loss in the Cryptocurrency Market: What is the Reason for the Declines, Will It Continue?
According to Santiment, Bitcoin’s price has fallen below $70,000 for the second time in the last three days. On-chain transaction volume analysis highlights increased activity on the network. However, if the holders begin to decrease once again, it is considered a positive sign and indicates a necessary correction phase.
What Does Santiment Bitcoin Data Indicate?
Centiment data also points to an accumulation of whales in recent weeks. Key stakeholders in Bitcoin have played a significant role in the increase in market value over the past five weeks. Wallets holding 10 to 10,000 BTC have accumulated 154.16 thousand coins since February 4, accounting for approximately 0.665% of the total supply. The value of these assets currently exceeds $10.9 billion.
Crypto analyst CrediBULL Crypto, in his assessment of the current market dynamics, states that the expected upward momentum has not materialized and a potential bearish trend has emerged. CrediBULL Crypto states that the recent decline in prices has resulted in a decrease in the Open Interest accumulated in the market. However, despite this decline, the analyst suggests that there is still room for further downward movement in price and this movement may continue before reaching an assumed “baseline”. CrediBULL Crypto sees the “green zone” between $63,000 and $64,000 as a potential support level is showing.
Didn’t get that push higher and instead it looks like this is the drop we’ve been looking for playing out now.
NEWS CONTINUES BELOWNote that this recent drop has wiped most of our built up OI- but we still have a bit more room to go before hitting the “baseline” so we could go lower to the green… https://t.co/KSoPGIqGiL pic.twitter.com/GDF4PydxqJ
— CrediBULL Crypto (@CredibleCrypto) March 15, 2024
According to the analyst, this established range presents a logical area where a bounce or reversal in price could occur, potentially coinciding with the complete elimination of remaining OI accumulation.
