Bitcoin Price Falls By 10% in Crypto Correction
Bitcoin dropped 10% to $66,000 by the end of the week amid new macroeconomic data and more.
Bitcoin ETFs today recorded one of the lowest days of net inflows over the past seven days: only $132 million. BlackRock's iShares Bitcoin Trust ETF iShares Bitcoin Trust ETF recorded the largest inflow of $345 million.
The change in investor sentiment comes amid a broader downturn in the cryptocurrency market, with the price of the major cryptocurrency falling to $66,000. According to CoinGlass data, 193,431 traders' positions were liquidated in the last 24 hours, and the total liquidations amounted to $682.14 million, with OKX being the largest at over $13 million.
The recent surge in Bitcoin prices was too fast, so the current downturn is quite an expected correction when many started to lock in their profits. Another reason is investors' uncertainty about their expectations of Fed policy. The latest PPI data showed higher than expected inflation.
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Bitcoin has fallen 10% in the last 24 hours, breaking support levels of $72,000, $71,500 and $70,000. Bears pushed the price down to a low of $66,079. The asset is now trading near the $68,500 support level. Further losses could send the price to the support levels of $67,500 and $65,500. The RSI index is neutral at 59, indicating uncertainty of further price movement. The MACD indicator is pointing to bearish sentiment. Meanwhile, the EMA 200 and SMA 200 positions hint at upward momentum in the near term.
This is not a 100 percent statement. The cryptocurrency market is very volatile. Investors should exercise caution.
