2024

Bitcoin

when

Notable

<p>Bitcoin, the leading cryptocurrency, witnessed a price decline, dipping below the $67,000 mark before the Wall Street opening.&nbsp;Despite this drop, traders remained optimistic, attributing the correction to typical market behavior within an ongoing bull run.&nbsp;</p>
<p>Market observers noted that corrections of this magnitude were not uncommon during bullish phases, emphasizing that over 95% of <a href="https://www.cryptopolitan.com/bitcoins-etf-inflows-drop-prices-slide/" rel="noopener noreferrer nofollow">Bitcoin</a>‘s supply remained in unrealized profit.</p>
<h2 class="wp-block-heading" id="the-crypto-community-remains-unfazed-amid-bitcoin-s-downturn">The crypto community remains unfazed amid Bitcoin’s downturn</h2>
<p>Notable figures within the cryptocurrency trading community maintained a calm outlook in response to Bitcoin’s <a href="https://twitter.com/theRealKiyosaki/status/1768389895649927266" rel="noopener noreferrer nofollow" target="_blank">recent</a> price movement.&nbsp;</p>
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   <p lang="en" dir="ltr">Bitcoin’s price retracing -10% on this move when greater than -30% corrections are normal during bull runs.<br><br>This drop is after a strong move to all-time highs with &gt;95% of the supply sitting in unrealized profit.<br><br>Nothing to see here, very normal bull market behavior</p>— On-Chain College (@OnChainCollege) <a href="https://twitter.com/OnChainCollege/status/1768564987545448900?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">March 15, 2024</a>
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<p>Commentators highlighted that corrections of greater than 30% were typical during bull markets, suggesting that the current downturn was well within expectations.&nbsp;</p>
<p>Additionally, traders pointed out levels of bid liquidity around $64,000, indicating a potential area for a market reversal.</p>
<p>Traders expressed confidence in Bitcoin’s long-term prospects despite the recent correction. While acknowledging the surprise of the pullback, traders like Jelle reiterated their optimism, anticipating higher prices in the coming months.&nbsp;</p>
<p>However, some cautiousness prevailed, with discussions around potential further downside, with references made to historical pullbacks and market dynamics.</p>
<h2 class="wp-block-heading" id="scarce-bitcoin-short-positions-amid-market-volatility">Scarce Bitcoin short positions amid market volatility</h2>
<p>Despite the downward price movement, market data revealed a lack of enthusiasm among traders to take short positions on <a href="https://www.cryptopolitan.com/blackrock-bitcoin-etf-sets-new-daily-volume/" rel="noopener noreferrer nofollow">Bitcoin.&nbsp;</a></p>
<p>Analysis from on-chain monitoring resources highlighted a significant absence of short-selling activity, with most market participants opting to unwind leveraged long positions instead.&nbsp;</p>
<p>This trend suggested a more cautious approach among traders, with many choosing to hedge positions rather than actively shorting the market.</p>
<p>Liquidations of leveraged positions increased notably during the downturn, with combined Bitcoin liquidations reaching nearly $300 million within 24 hours.&nbsp;</p>
<p>However, the majority of liquidations stemmed from long positions, indicating a preference among traders to protect profits rather than speculate on further downside.&nbsp;</p>
<p>Market coverage also noted that spot selling continued to drive prices lower, with little evidence of panic shorting among traders.</p>
<h2 class="wp-block-heading" id="bitcoin-traders-split-on-price-outlook-amid-volatility">Bitcoin Traders split on price outlook amid volatility</h2>
<p>While traders remained optimistic about Bitcoin’s long-term trajectory, discussions around potential price scenarios persisted.&nbsp;</p>
<p>Some traders suggested the possibility of further downside, referencing historical pullbacks and market dynamics. However, others maintained confidence in Bitcoin’s resilience, emphasizing the overall bullish sentiment prevailing in the market.</p>
<p>Bitcoin’s recent price correction highlighted the resilience of the cryptocurrency market, with traders remaining optimistic despite short-term volatility.&nbsp;</p>
<p>While the downturn led to liquidations of leveraged positions, market sentiment remained relatively calm, with few participants opting to take short positions.&nbsp;</p>
<p>Looking ahead, traders expressed confidence in Bitcoin’s ability to recover, citing historical precedents and ongoing bullish momentum.</p>

Bitcoin liquidations surge amidst market correction

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Cryptopolitan_News

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