Plunge

Cryptocurrency

Bitcoin

April

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-market-faces-major-turbulence-as-prices-plunge/" data-wpel-link="internal">Bitcoin Market Faces Major Turbulence as Prices Plunge</a> 
Recently, the <a href="https://coin-turk.com/bitcoinde-sonunda-beklenen-haberi-geldi-analiste-gore-bu-gosterge-dip-diye-bagiriyor" data-wpel-link="internal">Bitcoin</a> (<a href="https://coin-turk.com/microstrategy-yine-bitcoin-aldi-sirketin-btc-ile-ilgili-plani-ne" data-wpel-link="internal">BTC</a>) market faced significant turbulence, with the largest cryptocurrency’s price falling below $66,000, leading to sharp declines across the market. This downturn seems to have particularly impacted short-term <a href="https://en.coin-turk.com/exploring-the-crypto-landscape-predictions-and-developments-for-2024/" data-wpel-link="internal">BTC</a> investors, and the emerging high volatility has once again demonstrated the inherently high volatility of the cryptocurrency market. 
<h2 style="text-align: justify" id="strong-panic-sales-by-short-term-investors-intensify-the-downturn-strong">Panic Sales by Short-Term Investors Intensify the Downturn</h2> 
Despite a notable 50% rise since the beginning of 2024, the recent drop has sent shockwaves through the cryptocurrency world and triggered panic selling among new investors. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-332893" src="https://coin-turk.com/wp-content/uploads/2024/03/Bitcoin-BTC-Kripto-Para-Borsasi-Arz-Soku.jpeg" alt="" width="1280" height="720"> 
Short-term investors (STHs), defined as those holding <a href="https://en.coin-turk.com/analyst-predicts-major-corrections-for-bitcoin-and-ethereum-after-recent-rallies/" data-wpel-link="internal">Bitcoin</a> for less than 155 days, found themselves shaken by the rapid and severe market downturn. On April 1 and 2, Bitcoin lost 2.4% and 6% in value respectively, leading to a decline in investor confidence. The cumulative effect of the collapse resulted in a staggering loss of over $5.2 billion, equivalent to about 76,000 BTC, highlighting the high risks associated with short-term engagement in the volatile Bitcoin market. 
According to data from cryptocurrency data provider Glassnode, Bitcoin transfer volume plummeted from around $4 billion to minimum levels during the recent downturn. It was observed that short-term investors transferred approximately $500 million worth of BTC to cryptocurrency exchanges for panic selling during the price drop. 
<h2 style="text-align: justify" id="strong-analysts-anticipate-bitcoin-s-consolidation-strong">Analysts Anticipate Bitcoin’s Consolidation</h2> 
<a href="https://en.coin-turk.com/bitcoin-price-stagnation-and-the-impact-of-spot-etfs-on-the-market/" data-wpel-link="internal">Cryptocurrency</a> analysts believe that Bitcoin’s price consolidation is likely to continue and that expectations for a strong short-term recovery may be relatively limited. 
Experienced cryptocurrency analyst Michael van de Poppe has forecasted a period of consolidation for Bitcoin, stating, “I don’t expect much of a rise; I believe Bitcoin will consolidate in the coming period.” The analyst predicts that if Bitcoin fails to surpass the $70,300 level, the price could fall to $57,500. Van de Poppe also believes that altcoins could rise even as Bitcoin slowly loses momentum. 
Despite Bitcoin’s price recovering above $66,000, it continues to face selling pressure. The largest cryptocurrency has seen a 0.41% decrease over the last 24 hours, falling to $66,248, with a market value just above the $1.30 trillion threshold. BTC’s trading volume in the last 24 hours also experienced a significant drop of 31.95%, falling to $31.89 billion. 
Amidst all this, efforts by Bitcoin whales to stabilize the market during extreme fluctuations offer a potential catalyst for price recovery. Cryptocurrency analyst Ali Martinez reported that whale accumulation addresses received approximately 21,400 BTC, worth about $1.40 billion, signaling potential support for Bitcoin’s price. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-market-faces-major-turbulence-as-prices-plunge/" data-wpel-link="internal">Bitcoin Market Faces Major Turbulence as Prices Plunge</a></h5>

Bitcoin Market Faces Major Turbulence as Prices Plunge

Table of Contents

COINTURK NEWS

Other articles published on Apr 4, 2024

New Green Bitcoin Token to Launch on Uniswap After Raising $9.6M, CEX Listing to Follow

Microsoft Enhances Commitment to Responsible AI with Updated Standards

Top 3 Best Early Altcoins Not To Miss Out On! Kangamoon ($KANG), Eggdog (EGG), and DUKO (DUKO)

Shiba Inu Price Prediction: Will SHIB Sustain Its Gain?

Shiba Inu (SHIB) Rebound Attempt Just Suffered Another Blow

Non-Inflationary Dogecoin Alternative with Added Earning Potential – Matthew Perry’s Presale Reviews

Join our free newsletter for daily crypto updates!