Wednesday

Bitcoin

April

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<a href="https://u.today/bitcoin-price-alert-historical-trends-spell-trouble-for-btc-as-halving-looms" rel="noopener noreferrer nofollow">Bitcoin's (BTC)</a> price dropped unexpectedly below the $60,000 mark, leaving investors and analysts scrambling to decipher what might have triggered the move.
Bitcoin, the first and largest cryptocurrency, temporarily fell below $60,000 for the first time in more than a month as volatility rose ahead of the halving event scheduled for April 20. &nbsp;
The largest cryptocurrency plummeted to a low of $59,648 on Wednesday before paring its losses. <a href="https://u.today/351-million-of-bitcoin-btc-mysteriously-shifted-triggering-speculation" rel="noopener noreferrer nofollow">Bitcoin</a> is already down nearly 15% from its record high of $73,750 on March 14.
Recent market data suggests that a significant factor contributing to the BTC price decline may be a wave of liquidations of long positions triggered by excessive leverage. As prices fell, leveraged positions were forced to liquidate, resulting in a cascade of sell orders that increased the downward pressure on Bitcoin's price.
<a href="https://twitter.com/crypto/status/1780634152674472138" rel="noopener noreferrer nofollow">Bloomberg</a> speculates that Bitcoin's recent slump may have been accelerated by a wave of liquidations in long bets on digital assets. Last Friday, almost $780 million in bullish cryptocurrency wagers were liquidated within 24 hours.
According to <a href="https://www.coinglass.com/" rel="noopener noreferrer nofollow">CoinGlass</a> data, with the current BTC decrease, $251 million in positions were liquidated across the board, with long bullish bets accounting for $173 million of this total.
With a large number of long positions being liquidated, selling pressure grew, resulting in a further price decline. This, in turn, sparked additional liquidations, resulting in a spiral that dropped Bitcoin's value below the $60,000 level.
At the time of writing, <a href="https://u.today/bitcoin-to-20000-deutsche-bank-survey-reveals-split-on-btc-current-rally" rel="noopener noreferrer nofollow">BTC</a> had slightly recovered, trading 0.85% higher in the last 24 hours to around $62,700 as buyers rushed to buy the dip. As reported by crypto analyst Ali, over 27,700 BTC, worth around $1.72 billion, have moved into accumulation addresses (these have never spent funds) as the Bitcoin price fell. &nbsp;
With the leverage on the crypto market flushed out with the latest sell-off, the long-term outlook for Bitcoin remains largely bullish, according to certain market participants.

Bitcoin (BTC) Price Crash Near $60,000: This Might Be Real Cause

U_Today

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