Bitcoin

Bull Market

Impact

Rekt

<p>The leading cryptocurrency Bitcoin has experienced a price drop of 7%. As a result of this drop, traders with long positions have lost over $256 million. Despite the losses, analysts believe there is nothing to be afraid of amid the current tension in the Middle East. Equally, analysts have noted that this is a ‘normal drop’ for Bitcoin.</p>
<h2 class="wp-block-heading" id="bitcoin-dip-causes-long-positions-liquidation">Bitcoin dip causes long positions liquidation</h2>
<p>Reacting to the recent news, Benjamin Cowan said on X that this drop is normal. He added that there have been several dips of about 20-22% in this cycle in the past. <br></p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#BTC</a> is down 16% from the highs.<br><br>So far, this is a normal drop. In fact, we’ve had several 20-22% drops this cycle.<br><br>BUT<br><br>This time it could develop into something more.<br><br>Thread👇 <a href="https://t.co/Y1hanTHwvl" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/Y1hanTHwvl</a></p>— Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1779262041150083370?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">April 13, 2024</a>
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<p>Microstrategy CEO Michael Saylor also talked about the development. He <a href="https://x.com/saylor/status/1779279505439248417" rel="noopener noreferrer nofollow" target="_blank">noted</a> that the chaos is good for the performance of BTC.</p>
<p>However, crypto trader Rekt Capital <a href="https://x.com/rektcapital/status/1779089513031020809" rel="noopener noreferrer nofollow" target="_blank">opined</a> that BTC will likely resume its uptrend soon while noting that it has to experience a short-term drop. “Bitcoin will retrace deep enough to convince you that the Bull Market is over,” Rekt said on X. Bitcoin experienced a crash to trade at $60,919 before coming back to find support around the $62,000 mark.</p>
<h2 class="wp-block-heading" id="impact-of-market-sentiment-on-the-crypto-market">Impact of Market sentiment on the crypto market</h2>
<p>According to CoinMarketCap <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow" target="_blank">data</a>, BTC is presently trading at $63,858. The recent price drop came with implications as over $319 million in leveraged positions have been liquidated in the last 24 hours. According to CoinGlass, the liquidations involved $62.5 million in short positions and about $256 million in long positions.</p>
<p>With BTC still experiencing volatility, traders are anticipating the worst. If Bitcoin returns to its previous price of $67,000, over $1 billion in shorts would face liquidation. The issue is not only affecting traders in the Bitcoin market with the entire market registering a loss of over $959 million in liquidations with about 253,554 traders affected.</p>

Bitcoin dip causes liquidation of $256 million worth of long positions

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