What’s wrong with crypto today? In 24 hours, Bitcoin drops 4.3%.

Over the last twenty-four hours, Bitcoin (BTC) has seen a fall of 4.3%, which has led to a widespread collapse across the whole cryptocurrency market. This is because investors are leaving the market at breakeven as a result of the recent recovery effort.

Following the most recent rally, which saw numerous assets achieve gains in the double digits, the cryptocurrency market is currently seeing a dramatic fall. As of April 15, the price of Bitcoin returned to the territory of $66,000, and the total value of the cryptocurrency market throughout the world increased to $2.384 trillion.

BTC, on the other hand, had a subsequent collapse after reaching a high of $66,867 yesterday. It then dropped to the higher spectrum of the $61,000 threshold before staging a comeback from this floor. The price of Bitcoin has dropped by 4% in the previous twenty-four hours, standing at $63,250 at the time of this writing. This is even though it has been pushed over this level.

As a consequence of this, the value of the cryptocurrency market has decreased by more than $79 billion over the previous day, and the total value of the cryptocurrency market now stands at $2.243 trillion. This fast downturn may be attributed to several variables, one of the most important of which is an increase in selloffs. This is because market players hurried to quit the market at breakeven following the comeback.

It is noteworthy that the overall volume throughout the market reached a new high of $121 billion yesterday, which indicates a rise in the amount of trading activity. When the market is experiencing a downturn, a rise in trading volume is indicative of an increase in selloffs. The volume has maintained over the $100 billion level, and it is presently at $112.7 billion, even though it has seen a tiny decrease.

Furthermore, according to statistics provided by Coinglass, the amount of Bitcoin derivatives has climbed by 10.31% in the past twenty-four hours, reaching $98.1 billion as of the time of this publication. The long/short ratio is now estimated to be 0.9573. This data demonstrates that there is a combination of increasing derivatives trading with a dominating pessimistic mood.

The ongoing bearish pressure has remained despite the forthcoming halving event, which is anticipated to strengthen Bitcoin’s price action by lowering the daily inflation rate. It is interesting to note that the CEO of Crypto.com, Kris Marszalek, issued a warning that this decline will continue before the halving that is scheduled to take place in the next three days.

The greater inflows of Bitcoin that have been observed on exchanges are indicative of an increase in the amount of selling pressure. Furthermore, the anxiety that has been surrounding the impending battle between Iran and Israel has not completely eased. There have been rumors that suggest Israel intends to react against the strike that was launched by Iran.

To record a move in short-term attitudes from pessimistic to positive, Bitcoin in its present price point has to break above the 50-day exponential moving average, which is now located at $64,735. On the other hand, the asset would be confronted with severe opposition at $64,200, which corresponds to the Fibonacci 0.236.

Thank you for reading this post, don't forget to follow my whatsapp channel