Fun

Bitcoin clings to $65K — More losses ahead for BTC price?

News Feed - 2024-04-03 01:04:53

Zoltan Vardai7 hours agoBitcoin clings to $65K — More losses ahead for BTC price?Bitcoin price briefly dipped below the $65,000 mark as long-term BTC holders started selling. Can BTC price close the week above $65,600?5661 Total views6 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin’s (BTC) price fell over 7.1% during the past day, slipping below the $65,000 mark for the first time since March 24.


The current week, or the 14th week of the year, is historically one of the worst weeks for Bitcoin’s price performance. BTC price fell an average of 8.33% on the 14th week of the year, according to Coinglass data.Bitcoin price must sustain $65,000 


Bitcoin price fell over 6% in the past 24 hours, reaching a daily low of $64,610 at 1:35 pm (UTC), while trading volume for the world’s largest cryptocurrency rose over 75% during the day to $46 billion, according to CoinMarketCap data.BTC/USDT, 1-day chart. Source:CoinMarketCap


Bitcoin failed its post-breakout retest, and the price momentum will continue slowing down as the Bitcoin halving approaches, argued popular crypto analyst Rekt Capital in an April 2 X post:“Bitcoin has failed its post-breakout retest. Bitcoin could still technically recover above the old all-time high of ~$69,000 before the new weekly candle close is in.”BTC/USD, 1-week chart. Source:Rekt Capital


Bitcoin’s price needs to be sustained above the $65,600 weekly range low to avoid further losses, added Rekt Capital.


Over $249 million worth of long leveraged positions would be liquidated across all exchanges, if Bitcoin price fell to to the $65,000 mark, according to Coinglass data.Bitcoin Exchange Liquidation Map. Source: Coinglass


Following the correction, Bitcoin has reset multiple key metrics that previously suggested the price was overheated, including the relative strength index (RSI), which fell to 48 on the daily timeframe, suggesting that Bitcoin is no longer overbought, according to TradingView.


Related:Over $6B worth of BTC moved by 5th-richest Bitcoin whale


The RSI is a popular momentum indicator used to measure whether an asset is oversold or overbought based on the magnitude of recent price changes.BTC/USD, 1-day chart. Source: Tradingview


Bitcoin’s price correction can be mainly attributed to newcomers who ha entered the Bitcoin market in the past two months since the approval of the United States" spot Bitcoin exchange-traded funds (ETFs), according to Andrey Stoychev, the head of Prime Brokerage at Nexo. He told Cointelegraph:“For fresh adopters, Bitcoin’s move from $40,000 then to the current $65,000 potentially signifies an over 50% return in as little as 60 days – a sure profit-taking signal in the investment world. It"s important to remember that market corrections are part of every market dynamic.”


Stoychev expects a short-term correction thanks to new latecomers who want to invest in Bitcoin. He said:“Bitcoin bull markets have come with returns, as three out of the first four cycles have surpassed previous highs. Looking back at 2020, Bitcoin surged 250% in just four months after breaking a new all-time high, suggesting a potential trajectory toward $231,000 if history repeats itself in this cycle.”


Traders should be watching the $64,000 mark, with over $17.21 million worth of Bitcoin futures liquidation leverage on Binance, the world"s largest exchange. An additional $9.92 million worth of BTC stands to be liquidated at the $63,500 mark, according to Coinglass data.Binance BTC/USDT liquidation heatmap. Source: CoinglassBitcoin long liquidations reach $109M as holders start selling


Over $152.5 million worth of leveraged Bitcoin positions were liquidated in the past 24 hours, with $109.11 million worth of long positions, according to Coinglass data.


Bitcoin’s sudden drawdown caused over $165 million of leveraged crypto liquidations in less than two hours on April 2.Crypto liquidation heatmap. Source:Coinglass


Meanwhile, the dormant Bitcoin supply has reawakened. Long-term holder (LTH) supply declined by 900,000 BTC since the peak of 14.91 million BTC in December 2023, with Grayscale accounting for a third, or 286,000 BTC, according to an April 2 report by Glassnode. The report noted:“Conversely, the Short-Term Holder Supply has increased by +1.121M BTC, absorbing the LTH distribution pressure, as well as acquiring an additional 121k BTC from the secondary market via exchanges.”Bitcoin: Long/short-term holder threshold. Source:Glassnode


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# MarketsAdd reactionRead morePrice analysis 4/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, ADA, AVAXSpot Bitcoin ETF trading volume tripled in March to $111 billionDigital asset inflows recover, but ETF activity is slowing down

News Feed

Linux on Bitcoin? Open-source framework BitVMX envisions BTC-powered programs
Gareth Jenkinson11 hours agoLinux on Bitcoin? Open-source framework BitVMX envisions BTC-powered programsA new Bitcoin computational framework aims to power various applications and functions using native BTC, including
Russians Aware of Bitcoin Divided on Proposed Crypto Ban, Poll Finds
Russians Aware of Bitcoin Divided on Proposed Crypto Ban, Poll Finds A new survey has indicated that Russians who have heard about cryptocurrency are deeply divided in their opinio
Biggest Movers: Apecoin up Nearly 100% on Second Day of Trading, AAVE, HNT Also Move Higher
Biggest Movers: Apecoin up Nearly 100% on Second Day of Trading, AAVE, HNT Also Move Higher On its second day of trading, APE rose by nearly 100% and is up over 1,200% in the last
Pro-crypto Super PAC backs winners of Democratic primaries for House seats
Turner Wright4 hours agoPro-crypto Super PAC backs winners of Democratic primaries for House seatsDemocratic candidates in Texas and Alabama both won their primary races after receiving a combined $3.7 million in financi
Artizen’s $ATNT Listed on MEXC Global Plus Other Updates
Artizen"s $ATNT Listed on MEXC Global Plus Other Updates press release PRESS RELEASE.Artizen is a metaverse specialised company based on blockchain technology. We are preparing meta
Blast drops ‘L2’ from X username, reduces withdrawal time from 14 to 7 days
Christopher Roark3 hours agoBlast drops ‘L2’ from X username, reduces withdrawal time from 14 to 7 daysAfter monitoring withdrawals for four months, the developers concluded that longer withdrawal times were no longe
Travala Scores 33% Revenue Growth With 60% of Bookings Paid With Crypto
Travala Scores 33% Revenue Growth With 60% of Bookings Paid With Crypto Travala, the online platform that allows crypto users to book hotel rooms in thousands of destinations aro
MetaGods NFT Land Sale’s Resounding Success Attracts Traditional Investors
MetaGods NFT Land Sale’s Resounding Success Attracts Traditional Investors press release PRESS RELEASE.MetaGods is showing tremendous strength after their highly successful, sold-
Coinbase set to offer $1 billion via convertible notes
Brayden Lindrea1 hour agoCoinbase set to offer $1 billion via convertible notesCoinbase’s offering will better position the firm to pay off three existing debts due in 2026, 2028 and 2031.1052 Total viewsListen to arti
Eurozone Inflation Taps Highest Rate Ever Recorded Reaching 9.1%, as Nord Stream, Gazprom Halt Gas Supplies
Eurozone Inflation Taps Highest Rate Ever Recorded Reaching 9.1%, as Nord Stream, Gazprom Halt Gas Supplies The Eurozone’s inflation rate reached a record high in August of
Robert Kiyosaki Warns US Dollar ‘About to Implode’ — Advises Buying Bitcoin, Ethereum, Solana
Robert Kiyosaki Warns US Dollar "About to Implode" — Advises Buying Bitcoin, Ethereum, Solana The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has w
Bank of Russia Backs Crypto Mining Bill But Insists Minted Coins Should Be Exported
Bank of Russia Backs Crypto Mining Bill But Insists Minted Coins Should Be Exported The monetary authority in Moscow has expressed support for the latest legislative attempt to leg