Cryptocurrency Rollercoaster: Bitcoin’s Sharp Decline After Soaring Highs

In the ever-turbulent world of cryptocurrency, Bitcoin has once again made headlines with its dramatic price fluctuations. On March 21, the digital currency experienced a significant drop, hitting a 24-hour low of $64,760, a stark contrast to its daily high of $68,120 just 18 hours prior.

The majority of this decline occurred within a mere three hours, as Bitcoin’s value plummeted by 3.2% from $66,906 to $64,760. At the time of writing, Bitcoin has made a modest recovery, hovering just above the $65,000 mark, yet the market continues to face downward pressure.

Currently, Bitcoin stands at $65,131 with a market capitalization of $1.28 trillion, marking an overall decrease of 3% in the last day. Despite this dip, Bitcoin’s price is still at a 27-month high, showcasing the resilience and potential of the flagship cryptocurrency.

BTC/USDT 1 day chart on Binance | Source: TradingView

The rest of the crypto market has not been immune to these shifts, with nearly all top ten coins experiencing declines ranging from 3% to 5% in the recent hours.

Solana, in particular, witnessed one of the more significant drops, descending from a local high of $195 to a daily low of $176, before making a slight comeback to $179.

Ethereum, the second-largest cryptocurrency by market cap, faced a less drastic fall, with its price dropping from $3593 to $3421. As of the latest update, Ethereum is trading at $3500.

The market’s volatility has been palpable, especially since March 18, following a correction after Bitcoin’s surge to a new all-time high of $73,881 weeks before the anticipated halving event. This rally has led to significant market movements.

In the past day alone, the market has seen a total of $192.1 million in liquidations, with long positions bearing the brunt of the losses, accounting for $111.03 million, compared to $81.07 million in short positions. This indicates a strong bearish momentum in the market, particularly after the recent rally.

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