spot_imgspot_imgspot_img

“Why is Bitcoin Falling? Will the Decline Continue?”

  • Bitcoin experienced a sharp price drop in the early hours of the day.
  • An expert analyst says this drop is just a correction.
- Advertisement -spot_img

Bitcoin price fell sharply to $29,000 today. Although there is no fundamental reason for this, it is considered to be just a correction.

Reasons for Bitcoin’s Drop!

Bitcoin price dropped from over $30,000 to $29,032 in the morning hours today. The initial 3.5% drop occurred in just 20 minutes.

Although there is no fundamental reason for the sale, currently two factors stand out for the sudden price drop. These are the large sale of 16,000 BTC worth approximately $467 million on Binance and the subsequent wave of liquidation.

According to data, 16,000 Bitcoin was sold on the Binance spot market, while “quite typical” amounts were sold on other spot exchanges. This selling pressure is being interpreted as “interesting” by the community.

bitcoin-spot-satıs

Bitcoin Spot Sale Amounts

This Could Just Be a Correction

A “long squeeze” occurred in the futures market after the big sale. According to Coinglass data, more than $181 million in liquidation occurred in Bitcoin futures. This is the highest long liquidation amount since March 9th and 23rd of this year.

bitcoin-liq

Total Bitcoin Liquidation

On March 9th, Bitcoin fell from over $21,700 to below $20,000 due to a long squeeze ($248.8 million), but Bitcoin price rose above $22,000 in just two days. On March 23rd, due to a long squeeze ($183.7 million), Bitcoin fell from $28,300 to just below $27,000, and the market regained all the losses in just one day.

Michaël van de Poppe, founder of Eight Global and expert analyst, says “Just a liquidation wave” and advises:

“Should you get into altcoins and positions?” Well, this drop is your chance. Bitcoin corrects, altcoins provide deep wicks that offer liquidity levels and significant opportunities. Nothing significant has changed, just a correction.”

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

Suggested Exchange

spot_imgspot_imgspot_imgspot_img

Latest News

Ethereum Futures ETFs Debut Amid SEC Speculation on Bitcoin Fund Approval

With Ether ETFs entering the market, all eyes turn to the SEC's next moves on Bitcoin funds. The expansion of cryptocurrency-related ETFs suggests a shift in the financial ecosystem, catering more towards digital assets.

BREAKING: Japanese Automotive Giant Honda to Accept Bitcoin and Ethereum!

The news that Japanese automotive giant Honda will accept Bitcoin and Ethereum as payment methods is making waves in the market!

Last Week Saw Inflows into Crypto Funds Led by Bitcoin!

According to a new report by CoinShares, Bitcoin led inflows into digital asset investment products last week, while ETH was the least favored altcoin.

BREAKING: Grayscale Applies for a Spot Ethereum ETF! All the Details!

Grayscale Investments, the world's largest crypto asset manager, has taken steps to convert its Ethereum Trust fund into a spot Ethereum ETF!

Can Bitcoin Reach $145,000? Renowned Analyst Explains!

The famous analyst made predictions about the future by examining historical data in Bitcoin: how much can BTC rise in 2025?

PRO Analysis

Ethereum Maintains Above $1700! What’s Next? Current ETH Price Analysis!

Ethereum successfully held above the critical $1700 resistance: What's the next resistance level for ETH? Current ETH analysis!

October 2nd Bitcoin Price Analysis: What Is the Next Price Target for BTC?

Bitcoin began the first week of October with an uptrend: What will be Bitcoin's next target? Current support and resistance levels for BTC!

October 1st Current Polygon (MATIC) Price Analysis: Is MATIC Coin Starting an Upside Rally?

Polygon (MATIC) has surged in the last 24 hours by breaking an important resistance level: Will MATIC coin continue its upward movement?

October 1st Chainlink (LINK) Price Analysis: If LINK Coin Can’t Hold This Support, the Upside Movement Could End!

Chainlink (LINK) appears to be close to breaking the recent uptrend: if this support doesn't hold, LINK coin could fall further!

OGN Failed to Hold Above Critical Resistance! What’s Next? Current OGN Coin Analysis!

Origin Protocol (OGN) has shown an increase of more than 20% in the last 24 hours and has attracted attention: it needs to overcome this resistance to continue rising!
spot_imgspot_imgspot_imgspot_img
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Ethereum Maintains Above $1700! What’s Next? Current ETH Price Analysis!

Ethereum successfully held above the critical $1700 resistance: What's the next resistance level for ETH? Current ETH analysis!

October 2nd Bitcoin Price Analysis: What Is the Next Price Target for BTC?

Bitcoin began the first week of October with an uptrend: What will be Bitcoin's next target? Current support and resistance levels for BTC!

October 1st Current Polygon (MATIC) Price Analysis: Is MATIC Coin Starting an Upside Rally?

Polygon (MATIC) has surged in the last 24 hours by breaking an important resistance level: Will MATIC coin continue its upward movement?

LEAVE A REPLY

Please enter your comment!
Please enter your name here