thenewscrypto.com
- Bitcoin saw a sharp pullback from its all-time high of $73,750, falling to $65,630, reflecting a 12.3% decline.
- Over $810 million in crypto assets were liquidated from the global market.
After soaring to new heights, Bitcoin’s ($BTC) bullish momentum has hit a snag as the cryptocurrency experiences a significant pullback. Following its record-breaking peak of $73,750 on March 14, Bitcoin displayed a sharp decline, plunging to $65,630, marking a 12.3% drop.
The sudden decline in Bitcoin’s price has resulted in over $278.77 million worth of $BTC being liquidated in the last 24 hours. Also, a Binance deposit wallet moved 4,637 $BTC, or about $329 million, to the Binance hot wallet.
Additionally, El Salvador transferred its Bitcoin holdings to a cold wallet, totaling 5,689.69 $BTC, valued at around $406 million. This nearly doubles the country’s previously known $BTC holdings. Moreover, The real cause behind this sudden drop is that the latest U.S. CPI data is sparking concerns over inflation and Fed policy speculation.
Will $BTC Decline More?
Despite the setback, Bitcoin swiftly rebounded above $68,634, maintaining a market cap of $1.34 trillion. However, experts are warning investors to brace for further price drops, with predictions suggesting Bitcoin could plummet to the $60,000 level, potentially before the much-anticipated halving rally.
At the time of writing, $BTC was trading at $67,750 with a daily trading volume of $82 billion, still up around 85% in the last 24 hours.
The daily chart signals a shift in sentiment after the recent bullish surge. If Bitcoin fails to sustain a level above $65,000, the next critical support zones lie around $64,250 and $62,500, which could trigger more decline.
Despite short-term challenges, the weekly chart indicates a bullish breakout, instilling optimism for a long-term uptrend in the crypto market. A reversal or a much-anticipated bounce-back could propel Bitcoin to new all-time highs, with projections suggesting a potential surge to the $80,000 mark.
Additionally, anticipation is building around the upcoming halving event, which might boost bullish momentum. People are also speculating that Bitcoin could reach $100,000 by the end of 2024.