Why Did Bitcoin Price Drop Today?
Bitcoin’s price continues to fall and cannot find ground for recovery throughout this week. The broader cryptocurrency market is also feeling the pressure, as most cryptocurrencies have seen their value fall in the last 24 hours.
Bitcoin’s Price Dropped Below 64 Thousand Dollars
Bitcoin has been having a hard time over the last few days and has not been able to make any recovery.
Like CryptoPotato As reported earlier this week, the price attempted to rise towards $66,000, but sellers stopped this move and re-established their positions. At the time of this writing, BTC is trading below $64,000.
Source: TradingView
This move also resulted in a relatively significant amount of liquidated positions, most of which were long-term. In fact, the last 24 hours have seen total liquidations worth approximately $150 million; 73% of these were long-term.
This decline also coincides with the relative decline experienced by the stock market over the past day.
Source: Finviz
As seen in the heat map above, many of the index’s leading stocks, such as NVDA, AAPL, MSFT, and others, are trending downward.
Other Reasons Why Bitcoin Price Dropped Today
We have previously reported that Bitcoin investor fatigue has reached record levels as the price anticipates a recovery. In essence, what this means is that the crowd is mostly afraid of or uninterested in the current price range. According to analytics company Santiment:
But according to the research, there are additional factors to keep in mind. For once, the retail crowd isn’t here yet.
Moreover, spot Bitcoin exchange-traded funds (ETFs) are seeing significant outflows, meaning people are selling through ETFs. Last week, all spot Bitcoin ETFs in the US suffered a total “loss” of $900 million.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive a special $600 welcome offer on binance (full details).
LIMITED OFFER 2024 on bydfi Exchange: Welcome reward up to $2,888, use this link to register and open 100 USDT-M positions for free!
#Bitcoin #Price #Drop #Today