Bitcoin

April

Read

Grayscale Bitcoin Trust

Green Light

<ul> 
 <li>Bitcoin’s price sinks by 5.60% on April 3, hitting below $66K, sparking investor concerns.</li> 
 <li>Ethereum also dips to $3,320 as Bitcoin’s volatility manifests ahead of the April halving.</li> 
 <li>Massive liquidation totaling $400 million triggers negative funding rates, signifying a market reset.</li> 
</ul> 
<p>Bitcoin, the bellwether of the cryptocurrency market, encountered a tumultuous descent on April 3, sending shockwaves through the digital asset realm. With its price plummeting by 5.60%, breaching the crucial threshold of $66K, Bitcoin painted the markets red, leaving investors grappling with a myriad of questions and uncertainties.</p> 
<p>The decline, although primarily centered around Bitcoin, cast a broad shadow over the entire crypto space, dragging down other major cryptocurrencies like Ethereum, which tumbled to $3,320. This abrupt downturn, occurring just weeks after Bitcoin’s <a href="https://cryptonewsland.com/how-the-upcoming-bitcoin-halving-could-trigger-a-surge-over-600k/" target="_blank" rel="noreferrer noopener">historic high</a> of $74,120 on March 14, rattled both seasoned investors and casual observers alike, emphasizing the unpredictable nature of digital assets.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Prices are pushing lower, and funding rates plummet as a result.<br><br>BTC &amp; ETH margined contracts already into the negatives.<br><br>All leverage must be destroyed before price discovery.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/oGM4dNdfWA">pic.twitter.com/oGM4dNdfWA</a></p>— Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1775052330834039236?ref_src=twsrc%5Etfw">April 2, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Several factors contributed to this stark decline, with analysts pointing to the looming Bitcoin halving scheduled for April as a primary instigator. This event, which slashes the creation of new Bitcoins to a mere 450 per day, injected a dose of uncertainty into the market sentiment, amplifying the inherent volatility of cryptocurrencies.</p> 
<p>Furthermore, a significant liquidation event, culminating in a staggering $400 million loss for Bitcoin and altcoins, underscored the fragility of leveraged positions in the face of market fluctuations. Funding rates spiraled into negative territory, indicating a pressing need to deleverage and recalibrate investment strategies amidst the evolving market landscape.</p> 
<p>The outflow from the Grayscale Bitcoin Trust (GBTC), a preferred investment avenue for institutional investors seeking exposure to Bitcoin ETFs, emerged as another pivotal factor influencing Bitcoin’s downward trajectory. The substantial decrease in demand for GBTC hinted at a shifting sentiment among institutional players, potentially exacerbating Bitcoin’s price woes.</p> 
<p>Despite the tumult, Bitcoin’s Relative Strength Index (RSI) on the daily timeframe hovered around the midpoint of 50, a critical threshold during uptrends. This resilience underscores Bitcoin’s enduring strength and resilience, despite short-term market turbulence.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Daily Bollinger Bands continue to tight to levels not seen since the move started from $45k: <a href="https://t.co/leodjjeR5D">pic.twitter.com/leodjjeR5D</a></p>— Matthew Hyland (@MatthewHyland_) <a href="https://twitter.com/MatthewHyland_/status/1774959112058441733?ref_src=twsrc%5Etfw">April 2, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Moreover, the surge in <a href="https://cryptonewsland.com/how-the-upcoming-bitcoin-halving-could-trigger-a-surge-over-600k/" target="_blank" rel="noreferrer noopener">Bitcoin trading</a> volume by 66.8% to $40.5 billion suggests a robust underlying interest in the <a href="https://cryptonewsland.com/massive-liquidity-approaching-crypto/">crypto market</a>, hinting at a potential rebound in the near future. However, analysts caution against complacency, urging investors to remain vigilant and closely monitor key indicators such as RSI and Bollinger Bands to gauge the market’s trajectory accurately.</p> 
<p>In conclusion, while Bitcoin’s plunge below $66K on April 3 sent shockwaves across the crypto landscape, it may represent a temporary setback rather than a long-term downturn. With the upcoming halving event and evolving market dynamics, investors are advised to exercise caution, stay informed, and seize opportunities amidst the volatility.&nbsp;</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/boldest-btc-calls-for-2023-1400-rally-or-a-70-plunge-on-cards/">Boldest BTC Calls For 2023; 1,400% Rally or a 70% Plunge on Cards</a></li>
 <li><a href="https://cryptonewsland.com/btc-price-plunges-as-china-slays-crypto-mining-and-trading/">BTC Price Plunges as China Slays Crypto Mining and Trading</a></li>
 <li><a href="https://cryptonewsland.com/crypto-market-plunges-with-stocks-amid-sp-500-dip/">Crypto Market Plunges With Stocks Amid S&amp;P 500 Dip</a></li>
 <li><a href="https://cryptonewsland.com/solana-rises-amid-crypto-market-plunge-whats-driving-the-surge/">Solana Rises Amid Crypto Market Plunge: What’s Driving the Surge?</a></li>
 <li><a href="https://cryptonewsland.com/chinas-cbdc-put-green-light-on-red-packet-distribution/">China’s CBDC Put Green Light on Red Packet Distribution</a></li>
</ul> 
<p>The post <a href="https://cryptonewsland.com/when-will-bitcoin-recover-crypto-market-turns-red-as-bitcoin-price-plunges-below-66k/">When Will Bitcoin Recover? Crypto Market Turns Red as Bitcoin Price Plunges Below $66K</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

When Will Bitcoin Recover? Crypto Market Turns Red as Bitcoin Price Plunges Below $66K

Crypto News Land

Other articles published on Apr 3, 2024

Crypto Expert Encourages Investors To Buy The Dip As Bitcoin Price Falls To $64,000

Origin Protocol Announces OGN Token Merger, Unveils Roadmap For Multichain Yield Products

How Vitalik Buterin Views Layer 3: A Critical Analysis of Scalability Solutions

Cardano (ADA) Poised for Epic Surge Ahead of Bitcoin Halving, Analyst Weigh In

Solana Price Prediction And SOL Meme Coins With Airdrops To Watch

Understanding Bitcoin’s Current Price Dynamics

Join our free newsletter for daily crypto updates!