Bitcoin

The biggest of the cryptocurrencies printed red indexes on Friday while several meme coins decoupled from the ongoing sell sentiment. Bitcoin (BTC), the original crypto failed to keep up the lead as its price dropped below the $65,000 level. With this, the cumulative <a href="https://news.todayq.com/analysts-bullish-after-market-correction-heres-why/" rel="noopener noreferrer nofollow">crypto market cap</a> also dropped by 2% over the last day to stand at $2.49 trillion. Crypto shorter takeover 
Bitcoin’s struggle to trade above the crucial $65,000 mark has been marked by increasing activity from crypto shorters. This indicates a volatile period ahead.&nbsp;
Data shared by the Coinglass depicts that more than 66K traders were liquidated in the last 24 hours. The total liquidations recorded by the tracker come out to stand at $173.76 million. However, the largest single liquidation order happened on the crypto exchange OKX of ETH-USDT-SWAP valued at $1.76 million.
As we dig in, data shows that $115.63 million, 66% of the total liquidations, turned out to be long bets placed by traders. While just $58.13 million worth of liquidations comes in short bets. This suggests that the investors were positive that the market would go up but somehow the selling pressure took over those sentiments.
Experts suggest that the netflows for Bitcoin spot ETFs are slowing down. However, it is linked with the potential for demand to rebound if the price approaches certain critical support levels. In the meantime, New whales which are particularly ETF buyers entered the market with a $56,000 on-chain cost basis. Bitcoin ETFs are bleeding 
<a href="https://news.todayq.com/grayscale-bitcoin-etf-bleeds-13-billion-will-it-settle-now/" rel="noopener noreferrer nofollow">Grayscale</a>‘s Bitcoin exchange-traded funds recorded high outflows as nearly $359 million took an exit from the fund on March 21 alone. This was followed by followed by a week of huge outflows.
Bitcoin reached its current high of $73,800 on March 14, 2024, and is currently undergoing a correction phase. The Coinbase premium has remained negative since then, suggesting ongoing downward pressure on Bitcoin’s price. However, analysts anticipate a market rise before the end of the first half of 2024, driven by buying from US institutions and whales, which could lead to an increase in the Coinbase premium.
Bitcoin’s recent volatility is expected to continue as it is testing the $66K level continuously during Asian trading hours on Friday. Market observers anticipate more volatility ahead especially with an options expiry event occurring, involving around 25,300 Bitcoin contracts on March 22.

Bitcoin drops below $65K as shorters take over

Todayq News

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