Bitcoin sees dramatic slide below $65K over four hours

Bitcoin had only slightly recovered above the $65,000 mark as of press time, with downward pressure remaining in the market.

Bitcoin (BTC) hit a 24-hour low of $64,760 on March 21 — just 18 hours after hitting a daily high of $68,120.
Most of the drop occurred over a shorter period, as BTC fell 3.2% from $66,906 to $64,760 within three hours. Bitcoin had only slightly recovered above the $65,000 mark as of press time, with downward pressure remaining in the market

The flagship crypto was trading at $65,131 at 8:50 pm UTC with a market cap of $1.28 trillion — representing an overall drop of 3% over the past 24 hours. Despite Bitcoin’s daily lows, its price remains at a 27-month high.
The rest of the market mostly saw similar dips, with almost all the top ten coins down 3% to 5% over the past few hours.

Solana experienced one of the biggest dips, falling from its local high of $195 to a daily low of $176 before recovering slightly to $179 as of press time.
Meanwhile, Ethereum’s drawdown was less severe, with the price only falling from $3593 to $3421 over the time period. The second largest crypto by market cap was trading at $3500 as of press time.

Longs rekt

Bitcoin long positions saw heavy liquidations of around $14 million over the past four hours, compared to $3 million in shorts, indicating a strong influx of bearish momentum in the market after the market’s rally.
Meanwhile, total liquidations over the time period, including the entire market, stood at $46.27 million, with longs accounting for $36.39 million.
The market has remained extremely volatile since March 18 amid a correction following Bitcoin’s surge to a new all-time high of $73,881 weeks before the halving. The rally caused
The past 24 hours paint a vivid picture of volatility, as a total of $192.1 million was liquidated from the market, with longs and shorts accounting for $111.03 million and $81.07 million, respectively.

ETF inflows slowing

Bitcoin has struggled to sustain a strong rally back to its all-time high amid sustained selling from Grayscale to the tune of billions of dollars. The firm’s spot Bitcoin ETF has sold off roughly 261,564 BTC since its launch in January, with not a single day of inflows.
Most of the selling pressure was countered by the Newborn Nine ETFs, which have seen record-setting performance and inflows since their inception. The ETFs have amassed hundreds of thousands of BTC in less than three months and driven demand to all-time highs.
However, the Newborn Nine’s inflows saw a sharp decline over the past week amid the market decline, resulting in back-to-back net outflow days. The ETFs only recorded $125.0 million in inflows on March 20, compared to $386.6 million in GBTC outflows — totaling $261.6 in net outflows overall.

BITCOIN MARKET DATA

At the time of press 10:25 PM UTC ON MAR. 21, 2024, Bitcoin is ranked #1 by market cap and the price is down 3.23% over the past 24 hours. Bitcoin has a market capitalization of $1.29 trillion with a 24-hour trading volume of $46.06 billion.

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