{"id":598654,"date":"2024-03-19T12:00:12","date_gmt":"2024-03-19T12:00:12","guid":{"rendered":"https:\/\/ktsl888.com\/?p=598654"},"modified":"2024-06-11T07:55:40","modified_gmt":"2024-06-11T07:55:40","slug":"bitcoin-price-crashed-65000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-crashed-65000\/","title":{"rendered":"Top Reasons Why The Bitcoin Price Crashed Below $63,000"},"content":{"rendered":"

The flagship cryptocurrency, Bitcoin<\/span><\/a>, dropped below the $63,000 mark in the last 24 hours and is currently on a price correction, having recently hit a new all-time high (ATH) of $73,750. This price dip is believed to be due to several factors, including the <\/span>Bitcoin Halving<\/span><\/a>, which is fast approaching.\u00a0<\/span><\/p>\n

Bitcoin Price Is In The Second Phase Of The Halving Trend<\/span><\/h2>\n

Crypto trader and analyst Rekt Capital <\/span>recently provided<\/span><\/a> insights into the four phases of Bitcoin Halving, which provides a plausible explanation for Bitcoin\u2019s recent decline. He suggested that Bitcoin was entering into the \u2018Final Pre-Halving Retrace,\u2019 having just concluded with the \u2018<\/span>Pre-Halving Rally<\/span><\/a>.\u2019<\/span><\/p>\n

Related Reading: Solana Surpasses Ethereum In Major Metric Amid Surge Above $200<\/a><\/div>\n

This \u2018Final Pre-Halving Retrace\u2019 is said to occur 28 to 14 days before the <\/span>Halving event<\/span><\/a>. However, it looks to have come earlier this time around (just like the <\/span>Pre-Halving Rally<\/span><\/a>), with the Halving still about 30 days away. Rekt Capital alluded to the Pre-Halving retrace in 2016 and 2020 when Bitcoin pulled back by 38% and 20%, respectively.\u00a0<\/span><\/p>\n

Bitcoin has already pulled back over 11% in the past week. Interestingly, the analyst noted that this phase of the Halving can last \u201cmultiple weeks and up to 77 days.\u201d Rekt Capital, however, expects it to be much shorter than <\/span>historical ones<\/span><\/a>. He added that this year\u2019s Pre-Halving Retrace \u201cwould more likely be on the shallower side than on the deeper side.\u201d<\/span><\/p>\n

Long-Term Bitcoin Holders Are Taking Profit<\/h2>\n

Alex Thorn<\/span><\/a>, Head of Research at Galaxy Digital, highlighted in an X (formerly Twitter) <\/span>post<\/span><\/a> that long-term Bitcoin holders are starting to sell. This is evidenced by different metrics, such as the movement in coins that had stagnated for over a year.\u00a0<\/span><\/p>\n

Crypto analyst Ali Martinez<\/span><\/a> previously alluded to this wave of profit-taking, noting data from market intelligence platform Glassnode, which showed that those holding over 1,000 BTC were increasingly cashing out. This has also led to a 4.83% drop in this category of BTC addresses this past few weeks.\u00a0<\/span><\/p>\n

Thorn, however, sounded optimistic about Bitcoin\u2019s future trajectory in his post, noting that new whales are entering (through the <\/span>Spot Bitcoin ETF<\/span><\/a> market) as some others are exiting. He also suggested that some of these whales aren\u2019t exactly leaving the market but selling their spot BTC and investing in Bitcoin ETFs instead.\u00a0<\/span><\/p>\n

Bitcoin Sentiment Is Currently Bearish<\/h3>\n

Data<\/span><\/a> from Coinglass shows that the bears currently have the upper hand, with almost $82 million in <\/span>long positions liquidated<\/span><\/a> in the last 24 hours compared to just about $23 million of shorts liquidated during the same period.\u00a0<\/span><\/p>\n

Related Reading: Shiba Inu Open Interest Suffers 40% Crash, What Does This Mean For Price?<\/a><\/div>\n

There has also been a <\/span>decrease in open interest<\/span><\/a> on these exchanges, which suggests that traders are choosing to stay out of the market at the moment. Therefore, activity in the derivatives market shows that the current outlook for Bitcoin is bearish, with many still expecting further declines.\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $63,000, down over 4% in the last 24 hours according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC bears reclaim control of price | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Analytics Insight, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The flagship cryptocurrency, Bitcoin, dropped below the $63,000 mark in the last 24 hours and is currently on a price correction, having recently hit a new all-time high (ATH) of $73,750. This price dip is believed to be due to several factors, including the Bitcoin Halving, which is fast approaching.\u00a0 Bitcoin Price Is In The Second Phase Of The Halving Trend Crypto trader and analyst Rekt Capital recently provided insights into the four phases of Bitcoin Halving, which provides a plausible explanation for Bitcoin\u2019s recent decline. He suggested that Bitcoin was entering into the \u2018Final Pre-Halving Retrace,\u2019 having just concluded with the \u2018Pre-Halving Rally.\u2019 Related Reading: Solana Surpasses Ethereum In Major Metric Amid Surge Above $200 This \u2018Final Pre-Halving Retrace\u2019 is said to occur 28 to 14 days before the Halving event. However, it looks to have come earlier this time around (just like the Pre-Halving Rally), with the Halving still about 30 days away. Rekt Capital alluded to the Pre-Halving retrace in 2016 and 2020 when Bitcoin pulled back by 38% and 20%, respectively.\u00a0 Bitcoin has already pulled back over 11% in the past week. Interestingly, the analyst noted that this phase of the Halving can last \u201cmultiple weeks and up to 77 days.\u201d Rekt Capital, however, expects it to be much shorter than historical ones. He added that this year\u2019s Pre-Halving Retrace \u201cwould more likely be on the shallower side than on the deeper side.\u201d Long-Term Bitcoin Holders Are Taking Profit Alex Thorn, Head of Research at Galaxy Digital, highlighted in an X (formerly Twitter) post that long-term Bitcoin holders are starting to sell. This is evidenced by different metrics, such as the movement in coins that had stagnated for over a year.\u00a0 Crypto analyst Ali Martinez previously alluded to this wave of profit-taking, noting data from market intelligence platform Glassnode, which showed that those holding over 1,000 BTC were increasingly cashing out. This has also led to a 4.83% drop in this category of BTC addresses this past few weeks.\u00a0 Thorn, however, sounded optimistic about Bitcoin\u2019s future trajectory in his post, noting that new whales are entering (through the Spot Bitcoin ETF market) as some others are exiting. He also suggested that some of these whales aren\u2019t exactly leaving the market but selling their spot BTC and investing in Bitcoin ETFs instead.\u00a0 Bitcoin Sentiment Is Currently Bearish Data from Coinglass shows that the bears currently have the upper hand, with almost $82 million in long positions liquidated in the last 24 hours compared to just about $23 million of shorts liquidated during the same period.\u00a0 Related Reading: Shiba Inu Open Interest Suffers 40% Crash, What Does This Mean For Price? There has also been a decrease in open interest on these exchanges, which suggests that traders are choosing to stay out of the market at the moment. Therefore, activity in the derivatives market shows that the current outlook for Bitcoin is bearish, with many still expecting further declines.\u00a0 At the time of writing, Bitcoin is trading at around $63,000, down over 4% in the last 24 hours according to data from CoinMarketCap.\u00a0 BTC bears reclaim control of price | Source: BTCUSD on Tradingview.com Featured image from Analytics Insight, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":598659,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,91882,1119,89185,1122,1144,78790],"class_list":["post-598654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-perofrmance","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nTop Reasons Why The Bitcoin Price Crashed Below $63,000<\/title>\n<meta name=\"description\" content=\"The flagship cryptocurrency, Bitcoin, dropped below the $65,000 mark in the last 24 hours and is currently on a price correction.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Top Reasons Why The Bitcoin Price Crashed Below $63,000","url":"http:\/\/ktsl888.com\/news\/bitcoin-price-crashed-65000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-price-crashed-65000\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price.jpeg?resize=200%2C167","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price.jpeg?fit=301%2C167"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","bitcoin price perofrmance","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-03-19T12:00:12Z","datePublished":"2024-03-19T12:00:12Z","dateModified":"2024-06-11T07:55:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Top Reasons Why The Bitcoin Price Crashed Below $63,000\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-crashed-65000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-crashed-65000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Bitcoin-price.jpeg?resize=200%2C167\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Bitcoin-price.jpeg?fit=301%2C167\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bitcoin price perofrmance\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-03-19T12:00:12Z\",\"datePublished\":\"2024-03-19T12:00:12Z\",\"dateModified\":\"2024-06-11T07:55:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price.jpeg?fit=301%2C167","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/598654"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=598654"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/598654\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/598659"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=598654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=598654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=598654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}