After a sustained period of consecutive price gains and reaching new all-time highs (ATHs), Bitcoin (BTC) experienced a setback in its momentum, with its price dropped to as low as $67,000 on Friday, March 15, 2024.
Bitcoin’s recent surge, which began on Tuesday, January 23, 2024, culminated in a new ATH of $73,927 on Thursday, March 14. This upward movement was mirrored across the altcoin market, with Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) all hitting multi-year highs of $4,092, $186.18, and $631.14, respectively, per CoinMarketCap.
However, in the past two days, Bitcoin experienced a sharp decline, reaching a weekly low of $66,163 on Friday. This significant drop prompted many traders to close their positions. According to data from Coinglass, the largest liquidations occurred on Binance, totalling $811.49 million, followed by OKX with $300.77 million and ByBit with $95.07 million. The largest single liquidation order, valued at approximately $13.30 million, took place on OKX-BTC-USDT-SWAP trading pair.
The widespread sell-off also impacted the altcoin market, with over 246,961 traders liquidating their positions within the same period. Ethereum, which experienced substantial selling pressure, is currently trading at $3,667, representing a 7.96% decline from its 24-hour price and a 7.14% decrease from its 7-day price.
At press time, Bitcoin is trading at $66,964, marking a 9.4% decrease from its most recent ATH. However, market observers view this decline as a retracement, and there remains optimism for positive momentum in the days ahead, particularly with the upcoming BTC halving.
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