Bitcoin (BTC) has experienced a 4.3% decline over the past 24 hours, triggering a widespread collapse across the broader crypto market as investors seize the opportunity to exit positions at breakeven amidst a recent recovery push.
The cryptocurrency market, which witnessed a surge in double-digit gains and saw Bitcoin reclaim the $66,000 price territory on April 15, is now facing a sharp downturn. Despite the rebound, Bitcoin’s value plunged from its recent high of $66,867, briefly dipping to the higher spectrum of the $61,000 threshold before staging a partial recovery. Currently, Bitcoin is trading at $63,250.
As a result of this pullback, the global crypto market cap has decreased by over $79 billion within the past day, now standing at $2.243 trillion. One of the primary reasons behind this sudden reversal is a surge in selloffs, with market participants rushing to exit positions at breakeven following the recent bounce.
Increased trading activity, evidenced by a rise in total volume to $121 billion yesterday, suggests heightened selloffs during the market downturn. Although volume has slightly decreased, it remains above $100 billion, indicating ongoing market activity.
Bitcoin derivatives volume has also seen a notable increase, rising by 10.31% to $98.1 billion in the last 24 hours, with a long/short ratio of 0.9573, indicating a prevailing bearish sentiment.
Despite expectations of the upcoming halving event bolstering Bitcoin’s price action by reducing the daily inflation rate, Crypto.com CEO Kris Marszalek warns of continued downturn before the event, slated for the next three days. Increased Bitcoin inflows to exchanges further signal rising selling pressure, compounded by ongoing geopolitical tensions surrounding the Iran-Israel conflict.
At its current price, Bitcoin faces a key resistance level at the 50-day EMA of $64,735, with additional resistance at $64,200, aligned with Fibonacci 0.236 levels. Breaking above these levels may indicate a shift in short-term sentiments from bearish to bullish.
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