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Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="">BTC</a>) has declined by 4.3% over the past 24 hours, resulting in a widespread collapse across the broader crypto market, as investors exit the market at breakeven on the back of the recent recovery push. 
The cryptocurrency market is witnessing a sharp decline following the latest rebound that saw multiple assets record double-digit gains. Bitcoin <a href="https://crypto.news/bitcoin-is-still-undervalued-despite-surge-to-66k/" rel="">reclaimed</a> the $66,000 price territory on April 15, with the global crypto market cap surging to $2.384 trillion. 
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 BTC price – April 16 | Source: Trading View
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However, following the $66,867 high yesterday, BTC witnessed a subsequent collapse, dropping to the higher spectrum of the $61,000 threshold before staging a recovery from this floor. Despite the push above this level, Bitcoin witnessed a 4% decline in the past 24 hours, trading at $63,250 at the time of writing. 
Consequently, the crypto market has lost over $79 billion in valuation over the past day, with the global crypto market cap currently sitting at $2.243 trillion. One of the primary factors responsible for this sudden pullback is a surge in selloffs, as market participants rushed to exit the market at breakeven upon the rebound. 
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Notably, total volume across the market increased to $121 billion yesterday, representing a growth in trading activity. During a market downturn, a surge in trade volume suggests an increase in selloffs. Despite a slight drop, volume has remained above the $100 billion mark, currently amounting to $112.7 billion. 
In addition, Coinglass <a href="https://www.coinglass.com/currencies/BTC" target="_blank" rel="">data</a> confirms that Bitcoin derivatives volume has increased by 10.31% in the last 24 hours to $98.1 billion as of press time, with the long/short ratio sitting at 0.9573. This figure indicates a confluence of increased derivatives trades and a predominant bearish sentiment.&nbsp; 
The prevailing bearish pressure has persisted despite the upcoming <a href="https://crypto.news/demand-appears-to-have-outpaced-issuance-as-bitcoin-halving-nears/" rel="">halving</a> event, expected to bolster Bitcoin’s price action by reducing the daily inflation rate. Interestingly, Crypto.com CEO Kris Marszalek <a href="https://crypto.news/crypto-com-ceo-anticipates-bitcoin-selling-prior-to-halving/" rel="">warned</a> that this downturn would persist before the halving, slated for the next three days.&nbsp; 
Exchanges have also witnessed increased Bitcoin inflows, signaling a rise in selling pressure. Moreover, the tension around the looming Iran-Israel conflict has not fully subsided, with <a href="https://www.google.com/amp/s/www.aljazeera.com/amp/news/2024/4/15/western-allies-urge-restraint-as-israeli-war-cabinet-weighs-iran-response" target="_blank" rel="">reports</a> suggesting that Israel plans to retaliate to the attack from Iran. 
At its current price point, Bitcoin needs to break above the 50-day EMA at $64,735 to record a shift in short-term sentiments from bearish to bullish. However, the asset would face stern resistance at $64,200, aligning with Fibonacci 0.236. 
 Read more: <a href="https://crypto.news/crypto-outflows-coinshares-confidence/" rel=""> CoinShares: Investors withdraw $126m as crypto confidence wanes </a>

Why is crypto down today? Bitcoin sheds 4.3% in 24 hour trading

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