In the past 24 hours, the cryptocurrency’s market cap has fallen by 3.22%. Bitcoin (BTC) and Ethereum (ETH) fell by 3.89% and 3.63%, respectively. Bitcoin fell to a low of $66.2k, but fell short of the low of $65k on March 29.
These price movements were a result of President Donald Trump’s address to the nation. Al Qubaisi’s message stated that the Standard & Poor’s 500 Index had erased $550 billion from its market value in less than half an hour.
President Trump’s threats to strike Iranian power plants and expectations of “two to three weeks” of further conflict sent oil prices rising to $107.65 a barrel. Experts warned that the initial price shock caused by rising oil prices was just the beginning.
It will take weeks and months to feel the full brunt of the impact of this development. This conflict and its repercussions may be the push we need Bitcoin Towards its end Periodic surrender.
The cryptocurrency market is facing increasing liquidations
CoinGlass data showed $349.84 million in liquidations across the market in the past 24 hours. Ethereum had the largest share of liquidations at $90.83 million, while Bitcoin came in second with $80.89 million of total liquidations.
It was mostly long traders who suffered from the president’s speech and market-wide fear.
After March 28, the financing rate fell into negative territory again. He noted that the perpetual contract was trading at a lower price than the spot price, indicating extreme bearish sentiment in the short term.
The recent sell-off came within a long-term downtrend for Bitcoin. Looking at the price action of recent weeks, the effect has not been one of a change in trend. However, the crucial point remained at the $65.6K level, as closing a 4-hour trading session below this level would shift the swing structure of the time frame bearishly.
This is the outcome that BTC appears to be heading towards. The $69K supply zone strongly rejected the bulls, and the bearish internal structure could push prices to a local low of $65K and extend south at $63.3K after that.
Final summary
- The cryptocurrency market saw another major liquidation event after President Trump’s announcement sent stock markets plummeting.
- The short-term outlook for Bitcoin and cryptocurrencies remains bearish.
