Bittime - The price of Bitcoin (BTC/USDT) experienced a sharp decline in the Asian trading session Friday (15/3) early morning. The world's largest crypto asset touched a low of $67,000, dropping 7% before recovering to around $68,500. This correction immediately wiped out more than $100 million of long Bitcoin positions in the last 12 hours, and $167 million in the last 24 hours according to CoinGlass data.
Bitcoin's decline occurred amid pressure also experienced by gold and the Nasdaq index which is heavy on technology shares. Some analysts see the correction as a natural respite after a sharp rally that took Bitcoin to record highs.
"The latest US inflation data [CPI] has dampened expectations of an interest rate cut by the Federal Reserve, and gold prices are also under pressure. The too rapid rise in Bitcoin prices makes it difficult for the market to determine the right price, so the current correction is natural," explained Greta Yuan, Head of Research at VDX, a Hong Kong-licensed crypto exchange, in a note.
BTC/USDT Bitcoin Price Today
Source: Bittime.com
On March 15, 2024, the price of Bitcoin BTC/USDT was at $67,968 per coin, down 7.28% in 24 hours.
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BTC/USDT Price Movement Analysis
Metalpha founder and CEO Adrian Wang thinks the market may be adjusting to the uncertainty ahead of Bitcoin's halving event next month.
"The high trading volume of Blackrock's Bitcoin ETF has raised concerns in the market. Some are worried that Bitcoin prices will rise too quickly and lead to a flash crash," said Wang in an email interview with CoinDesk. "This price correction indicates that the market is adjusting its expectations for Bitcoin given the uncertainty presented by the halving event."
Nonetheless, Singapore-based QCP Capital believes the decline is temporary. "As long as daily demand for Bitcoin spot ETFs remains strong, it will be difficult for this short sell-off to have a long-term impact on the uptrend," QCP Capital wrote in a note published on Telegram on Friday morning. They added that some volatility is expected later this week ahead of the release of Federal Open Market Committee (FOMC) minutes next week.
Polymarket's crypto market prediction contract shows a 38% chance that BTC will close above $70,000 by noon Friday United States time (EST), down from a high of 90% earlier this week.
This Bitcoin correction triggered various reactions from analysts and market players. Some parties view this correction as an opportunity to accumulate this crypto asset when its price falls. Meanwhile, other parties are worried that Bitcoin's bullish momentum is starting to weaken and this correction could be the start of a deeper downward trend.
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Factors for BTC/USDT Correction
Here are several factors that need to be considered to understand Bitcoin's correction and its future prospects:
Federal Reserve Monetary Policy
Market expectations regarding US monetary policy, especially the potential for interest rate cuts, also influence Bitcoin price movements. The latest higher-than-expected inflation data fuels doubts that the Fed will lower interest rates in the near future. This may reduce Bitcoin's appeal as a hedge against inflation.
Launch of Bitcoin ETF by Blackrock
A Bitcoin ETF managed by Blackrock has sparked institutional investors' interest in this crypto asset. However, the high trading volume in the early stages raised concerns about a bubble which could potentially trigger a sharp correction in the future.
Bitcoin Reward Halving Event
The halving reward which is scheduled to occur next April is expected to encourage Bitcoin price increases in the long term. However, this event could also trigger price volatility in the short term due to market uncertainty regarding its impact on the profitability of Bitcoin mining.
With various factors influencing each other, Bitcoin's future movement trend is still shrouded in uncertainty. Investors need to pay attention to fundamental and technical developments to make the right investment decisions.
The current correction can be an interesting accumulation opportunity, but keep in mind that the potential for a deeper correction is still open. Diversification of investment assets and good risk management are the keys to dealing with frequent Bitcoin price volatility.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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