Bitcoin hits a key psychological barrier at $70,000 but cannot stay above that level for long. This caused the price to fall sharply 5% to $66,600.
With strong fluctuations near historical highs. This resulted in a total of $240 million being liquidated within an hour of trading. Data from CoinGlass also indicates that earlier this week Positions worth as much as $1.2 billion were liquidated.
Another factor that is putting pressure on the market is the placement of orders to sell nearly 1,000 BTC on exchanges like Binance and OKX worth around $70 million, this formed a huge barrier to the price after Bitcoin broke through the $70,000 level. This resistance was a key factor in the price correction.
This fluctuating price has generated divergent opinions among crypto experts on social media, crypto analysts, and cryptocurrency experts. Michael van de Poppe Posts on
Not sure whether this will be the move for #Bitcoinbut liquidity has been taken.
Unemployment rate is bad, higher than expected.
If the correction happens, some negative news will probably fuel that move.
Bitcoin consolidating = strength for altcoins. pic.twitter.com/SEsN8R0E8l
— Michaël van de Poppe (@CryptoMichNL) March 8, 2024
He also suggested that Bitcoin price correction may be intensified by negative news While Bitcoin’s correction period could be an opportunity for altcoins
Meanwhile Jelle, Crypto Investor Offer different opinions on X by asking the question: The sell-off was rapid at that peak. Does it always have to be a bearish signal?
Jelle suggested that these sell-offs may just be “test pumps” to gauge market sentiment and expressed his optimism about a potential surge to $70,000 again in the future.
Source: to gasoline
2024-03-08 23:42:03
#Bitcoin #price #hits #plummets #immediately
