Bitcoin price has faced high levels of selling pressure as the cryptocurrency market continues to sharply decline, resulting in widespread liquidations and panic among traders.
The price of Bitcoin has decreased by 2.83 percent to approximately seventy-two thousand seven hundred thirty dollars (USD) over the last twenty-four hours; for Ethereum, the price has dropped below the critical support level of two thousand dollars (USD), losing roughly five percent in the last twenty-four hours. At the time of writing, Bitcoin was trading at $72,730.70, down 2.83% over the past 24 hours
ETF Outflows Add Fresh Pressure on Bitcoin
The current market weakness is due partially to significant outflows from spot Bitcoin exchange-traded funds (ETFs). Approximately seven hundred thirty-three million dollars (USD) left Bitcoin ETFs in a single day, with five hundred million dollars of those outflows attributed to the IBIT fund managed by BlackRock.
In addition to these significant asset outflows, the strong selling pressure exerted on the overall cryptocurrency market has resulted in further weakening of investor confidence levels and pushed the overall cryptocurrency market capitalization closer to the two trillion five hundred billion dollars (USD) level.
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Long Traders Hit Hard as Liquidations Surge
Bitcoin’s sudden decrease in value led to significant sell-offs throughout the entire cryptocurrency ecosystem. According to the data from CoinGlass indicating that nearly $933.0 million of all types of positions were liquidated over the last 24 hours, and the majority of these were long positions.
Within a 12-hour period of time, $715.0 million worth of bullish positions (or those betting that Bitcoin would rise) had been liquidated as Bitcoin rapidly approached the important support level near $70,000.
Also Read: Bitcoin Price Holds $75K Support as BTC ETF Outflows Continue
A Few Altcoins Continue to Defy the Market
Even if the market overall was down, there were some altcoins that increased significantly in value during last session. According to the data from CoinGecko, Stellar (XLM), Rain (RAIN), Build on Bitcoin (BOB), and Perle (PRL), which all grew by 10-25%.
In contrast, there continued to be significant downward pressure on tokens like a Troll (TROLL) and Nockchain (NOCK).
What’s Next for Bitcoin Price?
Traders have been keenly assessing the potential for Bitcoin’s price to remain steady above the significant $70,000 support level.
If ETF outflows continue and market sentiment weakens, there will be potential downside risks for Bitcoin in the near-term. Alternatively, if Bitcoin prices rise above major resistance points, this could restore confidence in the overall crypto market as a whole.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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