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Bitcoin price started falling and paring earlier gains after new macroeconomic data, signaled that macro factors are key drivers of the Bitcoin price currently. And as PPI, <a href="https://coingape.com/crypto-market-us-cpi-ppi-set-road-ahead-what-expect/" target="_blank" rel="noopener">CPI</a>, and Fed Chair Jerome Powell’s speech are due this week, BTC price is likely to remain under pressure and volatile. 
The latest pullback in BTC price was a result of US consumer inflation expectations data. The inflation expectations for the year ahead came at 3.3%, the highest since November, from 3% in each of the previous four months. Moreover, the inflation expectations for five-year horizon increased to 2.8% from 2.6%. 
Meanwhile, the hotter inflation remains a concern for the FOMC members, with Federal Reserve Vice Chairman Phillip Jefferson and Fed’s Loretta Mester expressed mixed outlook on inflation and rate cuts. 
CoinGape recently reported University of Michigan <a href="https://coingape.com/heres-why-bitcoin-price-is-falling-sharply/" target="_blank" rel="noopener">consumer sentiment</a> data caused BTC price to tumble below $61,000 as inflation expectations for the year ahead rose to 3.5% and the five-year inflation outlook hit 3.1% from 3.0%. 
<h2 id="crypto-market-saw-over-210-million-liquidation">Crypto Market Saw Over $210 Million Liquidation</h2> 
Coinglass&nbsp;data shows more than $212 million were liquidated across the crypto market in the last 24 hours. Among this, $132 million long positions were liquidated and nearly $80 million short positions were liquidated. Most of the liquidation happened in the last hour, which was recorded at over $50 million. 
Over 90K traders were liquidated and the largest single liquidation order happened on crypto exchange Binance as someone sold ETH for BTC valued at $3.98 million. This was an interesting move by an investor or a whale. 
<img decoding="async" class="aligncenter wp-image-196748" src="https://coingape.com/wp-content/uploads/2024/05/screenshot-www.coinglass.com-2024.05.14-00_11_37.jpg" alt="" width="799" height="206" srcset="https://coingape.com/wp-content/uploads/2024/05/screenshot-www.coinglass.com-2024.05.14-00_11_37.jpg 1875w, https://coingape.com/wp-content/uploads/2024/05/screenshot-www.coinglass.com-2024.05.14-00_11_37-300x77.jpg 300w, https://coingape.com/wp-content/uploads/2024/05/screenshot-www.coinglass.com-2024.05.14-00_11_37-1224x315.jpg 1224w, https://coingape.com/wp-content/uploads/2024/05/screenshot-www.coinglass.com-2024.05.14-00_11_37-768x198.jpg 768w, https://coingape.com/wp-content/uploads/2024/05/screenshot-www.coinglass.com-2024.05.14-00_11_37-1536x396.jpg 1536w, https://coingape.com/wp-content/uploads/2024/05/screenshot-www.coinglass.com-2024.05.14-00_11_37-150x39.jpg 150w" sizes="(max-width: 799px) 100vw, 799px"> 
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener">BTC price</a> fell more than 1% in a few hours to $62,566. The 24-hour low and high are $60,769 and $63,422, respectively. The prices are likely to maintain the weak momentum and fall to support at $62,000. 
Popular analyst Ali Martinez predicts a retrace toward $62,000 as Bitcoin is facing rejection by the 200-EMA on the 4-hour chart. The TD Sequential indicator also presents a sell signal. However, BTC will continue its upward trajectory if the candlestick closes above $64,000. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GNejI9IXoAAs3Vu?format=jpg&amp;name=4096x4096" alt="Image" width="748" height="512"> 
Also Read: <a title="Permanent Link to Bitcoin Mining: Solo Miner Scoops Entire $3.125 BTC From Single Block, Here’s How" href="https://coingape.com/bitcoin-mining-solo-miner-scoops-entire-3-125-btc-from-single-block-heres-how/" target="_blank" rel="bookmark noopener">Solo Miner Scoops Entire $3.125 BTC From Single Block, Here’s How</a> 
<h2 id="miners-face-capitulation-risk">Miners Face Capitulation Risk</h2> 
Bitcoin miners are facing significant capitulation risk after the recent <a href="https://coingape.com/glossary/bitcoin-halving" target="_blank" rel="noopener">Bitcoin halving</a> of block subsidies and relatively low transaction fees. The trading volumes have also plummeted and caused a further increase in risks. On-chain analyst Maartunn said, “This is likely to cause substantial strain, especially for less efficient miners.” 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GNeSaK9WUAE4bga?format=jpg&amp;name=4096x4096" alt="Image" width="798" height="449"> 
According to crypto researcher firm Kaiko, the crypto market to see more selling pressure as Bitcoin miners with large holdings of the digital asset face a sharp drop in revenue. “Higher transaction fees offset lower miner rewards for firms in April, but this has since reversed,” it added. 
<img decoding="async" class="" src="https://pbs.twimg.com/card_img/1790031304391581696/6uLVvNpN?format=png&amp;name=900x900" width="805" height="437"> 
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 <li><a title="Breaking: Binance Subsidiary Receives Top Privacy &amp; Security Certifications From BSI" href="https://coingape.com/binance-subsidiary-receives-top-privacy-security-certifications-from-bsi/" target="_blank" rel="bookmark noopener">Binance Subsidiary Receives Top Privacy &amp; Security Certifications From BSI</a></li> 
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The post <a href="https://coingape.com/why-bitcoin-btc-price-is-falling-suddenly-how-low-it-can-go/">Why Bitcoin (BTC) Price Is Falling Suddenly, How Low Can It Go?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Why Bitcoin (BTC) Price Is Falling Suddenly, How Low Can It Go?

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