Bitcoin Price Falls Below $39k Amidst Volatility
Bitcoin (BTC) has experienced another wave of volatility, dropping below the $39,000 mark and experiencing a 4.33% slump in the past 24 hours. Currently, the largest cryptocurrency by market cap is trading at $38,955.
Total Liquidations Reach $326.47 Million
In the past 24 hours, 124,153 traders have been liquidated, resulting in total liquidations amounting to $326.47 million. The largest single liquidation order occurred on Bybit for BTCUSDH24 with a value of $5.00 million.
Bitcoin’s Recent Performance
Over the course of the week, Bitcoin’s price has dropped slightly over 9%, and it has experienced a 10.72% decrease in the past month. This decline follows a sudden spike that saw Bitcoin reach a two-year high of over $49,000 when 11 Bitcoin exchange-traded funds (ETFs) began trading on January 11 following SEC approval.
BTC Analysts Predict Bearish Sentiment
Crypto analysts have expressed concerns about Bitcoin’s current decline and warn of further price drops. One Bitfinex analyst suggests that a significant price correction is likely, potentially pushing BTC down to levels between $38,000 and $36,000. Another analyst posted on social media that they believe the drop is not yet over.
Ethereum and Altcoins Also Experience Declines
Ethereum has witnessed a 6% drop, reaching $2,230. Additionally, altcoins like Solana (SOL) and Avalanche (AVAX) have seen decreases of 8% and almost 10%, respectively. Stablecoins like DAI and TRON have also fallen, albeit less than 1% in the past 24 hours.
Hot Take: Bitcoin Price Falls Below $39k as Liquidations Surge
The recent drop in Bitcoin’s price below $39,000 has caused concern among crypto analysts and traders. With total liquidations reaching $326.47 million in the past 24 hours, it remains to be seen whether the cryptocurrency will recover from this bearish trend. However, experts suggest that the upcoming halving cycle in April could potentially change the current trajectory. As the market continues to experience volatility, investors are advised to closely monitor Bitcoin’s performance and consider the potential risks involved.
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