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On March 21, Bitcoin (BTC) reached a 24-hour low of $64,760, occurring just 18 hours after it peaked at $68,120 for the day.
The majority of this decline transpired in a brief timeframe, as BTC dropped 3.2% from $66,906 to $64,760 within three hours. As of the time of reporting, Bitcoin had only marginally bounced back above the $65,000 threshold, with ongoing downward pressure in the market.
The leading cryptocurrency was priced at $65,131 at 8:50 pm UTC, with a market capitalization of $1.28 trillion, reflecting an overall decrease of 3% in the last 24 hours. Despite the daily lows, Bitcoin’s price remains at a 27-month peak.
The broader market experienced similar declines, with nearly all of the top ten cryptocurrencies falling between 3% and 5% in the past few hours.
Solana faced one of the most significant drops, declining from a local high of $195 to a daily low of $176 before slightly recovering to $179 at the time of reporting.
In contrast, Ethereum’s decline was less pronounced, with its price decreasing from $3,593 to $3,421 during the same timeframe. The second-largest cryptocurrency by market capitalization was trading at $3,500 as of the latest update.
Longs rekt
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Bitcoin long positions experienced substantial liquidations totaling approximately $14 million over the last four hours, compared to $3 million in short positions, indicating a notable influx of bearish sentiment in the market following the recent rally.
During this period, total liquidations across the market reached $46.27 million, with long positions accounting for $36.39 million.
The market has remained highly volatile since March 18, following a correction after Bitcoin’s rise to a new all-time high of $73,881 weeks prior to the halving. This rally prompted
The last 24 hours illustrate significant volatility, with a total of $192.1 million liquidated from the market, comprising $111.03 million from longs and $81.07 million from shorts.
ETF inflows slowing
Bitcoin has faced challenges in maintaining a robust rally back to its all-time high due to ongoing selling pressure from Grayscale, amounting to billions of dollars. Since its launch in January, the firm’s spot Bitcoin ETF has liquidated approximately 261,564 BTC, with no recorded inflows on any day.
Most of the selling pressure has been offset by the Newborn Nine ETFs, which have achieved record performance and inflows since their launch. These ETFs have accumulated hundreds of thousands of BTC in under three months, driving demand to unprecedented levels.
However, the inflows for the Newborn Nine saw a significant drop over the past week amid the market downturn, resulting in consecutive days of net outflows. On March 20, the ETFs recorded only $125.0 million in inflows, compared to $386.6 million in outflows from GBTC, leading to a total of $261.6 million in net outflows overall.
The post Bitcoin sees dramatic slide below $65K over four hours appeared first on CryptoSlate.
