Bitcoin (BTC) has experienced a significant 30% retracement, marking its second-largest correction of the current bull run, as reported by crypto exchange Bitfinex. The correction occurred from the all-time high of $109,590 on Jan. 20 to a low of $77,041 during the week of March 9-15 due to increased selling pressure from short-term holders. Bitfinex categorizes short-term holders as those who purchased Bitcoin within the last seven to 30 days, facing net unrealized losses and potential capitulation. The outflows from Bitcoin ETFs, totaling approximately $920 million during the same week, indicate a lack of institutional buyer strength to counter the selling pressure. Despite trading at around $84,357 following a 9.5% rebound from its low, Bitcoin’s future movement hinges on institutional demand at these lower levels, which could lead to price stabilization. Bitfinex analysts suggest that historically, a 30% drawdown often precedes a market recovery, hinting at a potential strong rebound if Bitcoin stabilizes at the current level. In a separate development, weekly outflows from crypto exchange-traded products (ETPs) have reached $6.4 billion over five weeks, with Bitcoin ETPs accounting for $5.4 billion in losses. The market sentiment is impacted by macroeconomic factors such as falling US consumer confidence, inflation concerns, and economic uncertainty. Amidst talks of trade wars and doubts about Bitcoin’s status as a safe-haven asset, miners face ongoing challenges, potentially jeopardizing the current bull market. Despite the White House’s recent announcement of a US Bitcoin strategic reserve, uncertainties loom over the cryptocurrency market’s future.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin (BTC) has experienced a significant 30% retracement, marking its second-largest correction of the current bull run, as reported by crypto exchange Bitfinex. The correction occurred from the all-time high of $109,590 on Jan. 20 to a low of $77,041 during the week of March 9-15 due to increased selling pressure from short-term holders. Bitfinex […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[25],"tags":[],"aioseo_notices":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":""},"author_info":{"display_name":"","author_link":"https:\/\/vanillanews.com\/index.php\/author\/"},"category_info":"JUST IN<\/a>","tag_info":"JUST IN","comment_count":"0","_links":{"self":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/66859"}],"collection":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/comments?post=66859"}],"version-history":[{"count":0,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/66859\/revisions"}],"wp:attachment":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/media?parent=66859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/categories?post=66859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/tags?post=66859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}