Bitcoin (BTC) experienced a 4.3% decline in the last 24 hours, causing a widespread drop in the overall crypto market as investors take profits following a recent rally. After reaching $66,000 on April 15, Bitcoin saw a surge in the global crypto market cap to $2.384 trillion.

However, the price of BTC dropped to around $61,000 following the peak, before bouncing back to $63,250 at the time of writing. This decline led to a loss of over $79 billion in market valuation, with the global crypto market cap now at $2.243 trillion. The sudden pullback was driven by increased selling activity as traders rushed to cash out their gains.

Trading volume in the market spiked to $121 billion, indicating heightened trading activity. Despite a slight decrease, the current volume remains above $100 billion, totaling $112.7 billion. Data from Coinglass shows a 10.31% increase in Bitcoin derivatives volume to $98.1 billion, with a long/short ratio of 0.9573, signaling a bearish sentiment among traders.

The bearish trend continues despite the upcoming halving event, which is expected to reduce Bitcoin’s daily inflation rate and potentially boost its price. Crypto.com CEO Kris Marszalek warned of further downturn before the halving, which is three days away. Exchanges have reported increased Bitcoin inflows, indicating higher selling pressure.

Additionally, concerns around the Iran-Israel conflict persist, with reports suggesting potential retaliation from Israel. To shift the short-term sentiment from bearish to bullish, Bitcoin must break above the 50-day EMA at $64,735. However, it may face resistance at $64,200, corresponding to the Fibonacci 0.236 level.

Post Views: 7