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<p>Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has once again dipped below the crucial $70,000 level, marking the second time in just three days that the digital asset has breached this support. According to <a href="https://twitter.com/santimentfeed/status/1768359680706019451" target="_blank" rel="noopener noreferrer nofollow">on-chain data from Santiment</a>, a leading blockchain analytics platform, the drop in Bitcoin’s price coincides with a surge in on-chain transaction volume, indicating heightened activity on the network.</p>
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<p><em>Source: <strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Santiment" href="https://captainaltcoin.com/go/santiment/" data-shortcode="true">Santiment – Start using it today</a></strong></em></p>
<p>While increased transaction volume is typically viewed as a positive sign, reflecting robust adoption and usage, Santiment highlights a concerning trend – the number of long positions on exchanges remains elevated. This suggests that a significant portion of traders are still betting on further price appreciation, which could potentially exacerbate selling pressure if market sentiment shifts.</p>
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<p>On the bright side, Santiment notes that the number of Bitcoin holders is dropping, a phenomenon often referred to as “capitulation” in crypto parlance. Capitulation occurs when investors, exhausted by prolonged price declines, decide to exit their positions, typically marking a potential bottom in the market cycle.</p>
<p>Corroborating Santiment’s findings, blockchain analytics firm<a href="https://twitter.com/lookonchain/status/1768509208750965222" target="_blank" rel="noopener noreferrer nofollow"> Lookonchain</a> has identified substantial Bitcoin inflows to Binance, one of the world’s largest cryptocurrency exchanges. Specifically, Lookonchain observed that a Binance deposit wallet moved 4,637 BTC (worth approximately $329 million at current prices) to a Binance hot wallet – a type of wallet used for facilitating transactions – within the past 24 hours.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="474" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-629-1024x474.png" alt="" class="wp-image-452633" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-629-1024x474.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-629-300x139.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-629-768x355.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-629-1536x710.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-629-2048x947.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-629-324x150.png 324w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-629-100x46.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-629-757x350.png 757w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-629-788x364.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-629.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Notably, a similar transfer of 4,876 BTC (around $319 million) from the same deposit wallet to Binance’s hot wallet occurred on March 5, coinciding with a previous dip in Bitcoin’s price. Such large inflows to exchanges are often interpreted as a bearish signal, as they may precede increased selling pressure from traders looking to offload their holdings.</p>
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<p>As Bitcoin continues to grapple with volatility, market participants will closely monitor on-chain metrics and exchange flows for clues about the asset’s potential future trajectory. While capitulation could signal a bottoming-out phase, sustained inflows to exchanges may prolong the current downtrend, leaving investors on edge as they navigate the ever-changing crypto landscape.</p>
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<p>The post <a href="https://captainaltcoin.com/why-did-bitcoin-btc-fall-below-70k-again/" rel="noopener noreferrer nofollow">Why Did Bitcoin (BTC) Fall Below 70k Again?&nbsp;</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Did Bitcoin (BTC) Fall Below 70k Again?

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