Bull Market

Bitcoin

April

Rekt

Bitcoin’s price decline of over 7% in the last 24 hours has resulted in $256 million in losses for traders with long positions.&nbsp;
However, analysts believe it’s nothing out of the ordinary despite <a href="https://cointelegraph.com/news/bitcoin-nose-dive-as-political-tensions-escalate-israel-iran-middle-east">escalating geopolitical tensions in the Middle East</a>.
“So far, this is a normal drop. In fact, we’ve had several 20-22% drops this cycle,” Benjamin Cowan stated in an April 13 <a href="https://x.com/intocryptoverse/status/1779262041150083370" target="_blank" rel="noopener nofollow">post</a> on X.
“Chaos is good for Bitcoin,” MicroStrategy CEO Michael Saylor declared in an April 13 <a href="https://x.com/saylor/status/1779279505439248417" target="_blank" rel="noopener nofollow">post</a> on X.
Meanwhile, pseudonymous crypto trader Rekt Capital believes the price of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;will resume its “uptrend,” although not before experiencing short-term pain first:
“Bitcoin will retrace deep enough to convince you that the Bull Market is over,” Rekt&nbsp;<a href="https://x.com/rektcapital/status/1779089513031020809" target="_blank" rel="noopener nofollow">explained</a>.
On April 13, Bitcoin’s price plummeted right down to $60,919, before finding support at $62,060. 
At the time of publication, its current price is $63,858, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/381fe95c-9781-43c1-b70c-c553f1f58a7d.png" alt="" title="">
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 Bitcoin’s price has gone right down to $60,919 in the past 24 hours. Source: CoinMarketCap
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The sudden price plunge led to a total of $319.15 million in liquidations from leveraged positions in Bitcoin over the past 24 hours.
<a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">According</a> to CoinGlass data, this included $256.58 million from long positions and $62.58 million from short positions.
Traders seem to be bracing for further downside. If Bitcoin’s price were to revert to its price level of $67,000 just 24 hours ago, short positions totaling $1.05 billion would face liquidation.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/4238bc76-5021-4e6a-874e-018c9fa5cdbc.png" alt="" title="">
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 A total of $319.15 million was liquidated in Bitcoin positions over the past 24 hours. Source: CoinGlass
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Although the entire cryptocurrency market experienced widespread pain as $945.9 million was liquidated from 253,554 traders over the last 24 hours.
The Crypto Fear and Greed Index — a tool that tracks crypto market sentiment — currently <a href="https://alternative.me/crypto/fear-and-greed-index/" target="_blank" rel="noopener nofollow">stands</a> at a greed level of 72, a slight decrease from last week’s extreme greed score of 78.
Related: <a href="https://cointelegraph.com/news/why-xrp-price-jump-btc-after-bitcoin-halving">Why XRP price might jump 70% vs. BTC after the Bitcoin halving</a>
The global crypto market cap has also taken an 8% hit, dropping down to $2.23 trillion.
Meanwhile, Cointelegraph recently reported that the growth in demand from Bitcoin whales has never been stronger. 
Demand from “permanent holders” <a href="https://cointelegraph.com/news/bitcoin-whales-accumulation-phase-btc-halving-week-away">has exceeded the market supply of new Bitcoin</a> for the first time, according to data shared by crypto analytic firm CryptoQuant.
This indicates that the amount of new Bitcoin produced by mining is insufficient to meet crypto investors’ demand, and the scarcity will only grow further after the halving of the Bitcoin.
Magazine: <a href="https://cointelegraph.com/magazine/base-meme-coins-scams-vulnerabilities-honeypot/">1 in 6 new Base meme coins are scams, 91% have vulnerabilities</a>

Bitcoin’s ‘normal drop’ leads to $256M longs liquidated — Analysts

Cointelegraph

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