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Bitcoin Dropped to $66,000. Correction Before Halving?
04/02/2024

Bitcoin Dropped to $66,000. Correction Before Halving?

04/02/2024
4,5

Bitcoin started the new trading day with a sharp 5.7% drop to the $66,000 mark.

Bitcoin plummeted from $70,000 to $66,000, triggering liquidations of nearly $400 million across the entire cryptocurrency market. In just four hours, 83% of long positions were liquidated. Such a steep fall also made derivatives traders take a bearish view. Bearish leveraged positions also increased sharply. 

This negative reaction of Bitcoin followed the low activity of ETFs at the beginning of the week. The net outflow from crypto funds amounted to $85 million, which in turn was provoked by unsatisfactory macroeconomic data from the United States. 

Part of experts agree that Bitcoin behaves extremely volatile in anticipation of halving. Therefore, participants can expect new sharp rises and falls in the near term. 

At the time of writing, the asset is trading just above $66,000. The bearish pressure on the price continues. 

Source and Copyright © TradingView

From a technical point of view, Bitcoin briefly managed to consolidate above $70,000 before the sharp fall. The downward movement began after the bulls failed to keep the asset at the support level of $68,500. 

The asset tested $66,000 and started to recover; at one point Bitcoin reached the $66,800 mark. However, a key bearish trend line has formed on the hourly chart. Resistance is located at $68,000. However, a serious growth can begin if the asset manages to overcome the resistance at $68,500. In this case, Bitcoin has all chances to test $70,000 in the short term. 

In a negative scenario, the pressure of the bears may intensify and Bitcoin may break through the support level of $66,000. This would send the price down to the $65,000 and $64,000 support levels. 

This is not a 100 percent statement. The cryptocurrency market is very volatile. Investors should exercise caution when making decisions. 
 


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