On Friday, March 15, the price of the leading cryptocurrency fell below $68,000. The asset depreciated by nearly 8% over the day, according to CoinGecko.
At one point, the price dipped below $66,000. Bitcoin is currently trading sideways around the $68,000 level.
With the flagship’s correction, leading altcoins also entered the “red zone.” Solana was an exception.
The total market capitalization fell to $2.7 trillion, losing 6.4% in a day. BTC’s dominance index is 49.2%.
In the bitcoin options market, positions worth $681 million were liquidated over 24 hours, according to Coinglass.
Experts at Greeks.live noted that digital gold fell during the American trading session, while growth was observed during Asian trading hours. They believe bullish sentiments have somewhat cooled after the cryptocurrency reached another high.
BTC has once again encountered a $3,000 daily decline, with a recent change in market tempo, with the US trading session seeing the majority of declines, and the Asian trading session seeing gains.
The current narrative of ETF inflows may be starting to turn, with IV’s of all… pic.twitter.com/c0zeKaKYxR— Greeks.live (@GreeksLive) March 14, 2024
The analyst known as Invest Answers pointed out that since the start of trading in January with spot bitcoin ETFs, the asset’s price correction coincides with purchases by exchange-traded structures.
Like Clockwork — when the ETF’s Buy #Bitcoin.
Spot the Pattern? Happening since Jan 12th pic.twitter.com/h6MyJAh98s— InvestAnswers (@invest_answers) March 14, 2024
Glassnode specialists noted that amid the cryptocurrency rally above $70,000, holders have moved to sell, locking in profits.
Earlier, analysts at JPMorgan suggested a bitcoin correction to $42,000 following the upcoming halving in April.