7 Famous Crypto Tokens Stuck in Price Drop, Analysts Say This

Bittime - The price of a well-known crypto asset experienced a significant decline of up to 8% in the last 24 hours. Bitcoin (BTC) previously showed a positive trend.

Last week, it has now reversed direction and is experiencing selling pressure due to the strengthening of the US dollar. As a result, more than $400 million worth of crypto bullish trades were liquidated.

Data Shows that Major Crypto Assets Decrease More Than 5%

Bitcoin experienced a 5% decline. Other crypto assets such as Ether (ETH), Cardano (ADA), and BNB Chain (BNB) also showed similar declines. Solana (SOL) is down 7% and trading at $185 after briefly topping $200 on Monday.

Dogecoin (DOGE) fell more than 8%, and Bitcoin Cash (BCH) fell 10% amid profit-taking after a 40% rally in the past week, driven by the expected halving event on the BCH network on April 4.

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Percentage reduction

• Bitcoin (BTC): 5%
• Ether (ETH): 5%
• Cardano (ADA): 5%
• BNB Chain (BNB): 5%
• Solana (SOL): 7%
• Dogecoin (DOGE): 8%
• Bitcoin Cash (BCH): 10%

Long positions, which are points at higher prices, resulted in more than $400 million worth of liquidations.

Meanwhile, the short position, which is a bet against, generated a relatively smaller $85 million.

Liquidation occurs when a trader does not have enough funds to maintain an open fixed leverage trade.

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Crypto Analyst Response

Quoted from Coindesk, analysts at crypto exchange Bitfinex explained that several long-term investors had sold their holdings in the past week.

They predict that bitcoin will move within a certain range in the coming weeks.

It is estimated that Bitcoin will continue to move within a certain range. This was due to previously inactive Bitcoin selling, primarily by Long Term Holders (LTH), although the scale was smaller than previous bull market peaks.

Analysts observed strategic profit-taking from the LTH group (which has been holding Bitcoin for more than 155 days).

On the other hand, Alex Kuptsikevich, senior market analyst at FxPro, stated that Bitcoin is facing resistance at the $71,000 level as the overall market shows caution towards risky assets.

Also read: $PEPE Strengthens Beyond Shiba Inu As Memecoin Market Surges? This is the reason

Conclusion

The price of the main token experienced a significant decline in the last 24 hours. Bitcoin saw a 5% decline, and other major tokens such as Ether, Cardano's ADA, and BNB Chain's BNB also saw similar declines.

Liquidations of long positions, or bets on higher prices, totaled more than $400 million. Meanwhile, the liquidation of short positions, or bets against, resulted in a relatively smaller amount of $85 million.

Analysts at Bitfinex stated that Bitcoin is likely to be range-bound in the coming weeks. This is caused by long-term investors selling their holdings.

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