On March 19, the price of the leading cryptocurrency fell from $68,200 to $64,800, marking a 5% decrease in a day.
Bitcoin’s price has fallen below $64,000, trading around $63,900.
At the time of writing, Bitcoin is trading at $65,060. Its market capitalization stands at $1.28 trillion with a trading volume of $60 billion.
Alongside digital gold, all top-10 assets are in the “red zone.”
The total market capitalization has decreased to $2.56 trillion, losing 5.8% in a day. BTC’s dominance index is 50%.
According to Coinglass, the past 24 hours saw futures market liquidations reach $422 million, with the majority—$345 million—being long positions.
A trader known as GVR suggested a decline to $55,000 if Bitcoin does not reverse at the $63,000-64,000 level.
If #bitcoin won’t start reversal in between 63-66k$ then we can see bearish days to 55K$
I’m expecting reversal around 63-64K$ pic.twitter.com/zVSea9ekeA
— Crypto GVR (@GVRCALLS) March 19, 2024
Michaël van de Poppe, founder of MN Trading, described the correction as “harsh.”
These corrections are harsh, but remember that you don’t want to purchase #Altcoins when they rally.
You want to purchase them when they’re down between 25-60%.
That’s when the real gain comes in.
— Michaël van de Poppe (@CryptoMichNL) March 18, 2024
“But remember, you don’t want to buy altcoins when they are rallying. You want to buy them when they are down 25-60%. That’s when the real gain comes in,” he added.
Glassnode specialists noted that amid the cryptocurrency rally above $70,000, holders began selling to lock in profits.
Earlier, JPMorgan analysts suggested a Bitcoin correction to $42,000 following the upcoming halving in April.