Bitcoin Price Falls: Factors Driving BTC's Drop

Bittime - The price of Bitcoin (BTC) has fallen more than four percent in the last 24 hours, again testing the support range between $62,000 and $61,000. Previously, Bitcoin price had stabilized around $63,000 during the early New York session, with long-term holders still unaffected by the decline.

According to on-chain data analysis provided by Santiment, Bitcoin addresses holding between 1,000 to 10,000 coins have accumulated 80,544 units since March 1. Even more surprising, Bitcoin addresses holding between 10,000 and 100,000 coins have accumulated nearly 92,000 units since the start of March.

Key Factors Behind Market Domination by Bitcoin Sellers

• Volatility due to Bitcoin Halving

With about four days remaining until the fourth Bitcoin halving event, overall trading volume has increased by more than 10 percent to about $46.7 billion. More and more crypto traders are seeking refuge in the stablecoin market, with the supply of Tether (USDT) increasing by more than 1 billion in the last 24 hours.

After approaching a micro-consolidation peak, Bitcoin price has liquidated both long and short traders, thereby increasing overall liquidations.

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• Global Political Tensions

Bitcoin prices trailed major global stock indexes after the Middle East crisis escalated with Iran's drone and missile attacks on Israel. Investors choose to wait and see the development of this geopolitical crisis. The situation is further exacerbated by the ongoing war between Russia and Ukraine.

Also Read How To Buy Crypto:

How Will BTC Prices Continue?

From observations, Bitcoin has consolidated in a parallel channel, where $61,000 is the most important support level and $72,400 is the most important resistance level.

If BTC breaks support, then the price could... [insert Ali Martinez tweet link here]

According to popular crypto analyst, Ali Martinez, Bitcoin price has been consolidating in a channel between $61,000 and $72,400 in recent weeks. As a result, the crypto analyst noted that a breakout up or down the channel could lead to a significant move.

If it goes up, the crypto analyst predicts Bitcoin prices will reach a range between $79,000 and $86,000. On the other hand, if it goes down, the crypto analyst believes Bitcoin price will find a strong support level between $51,600 and $56,200.

How to Buy Bitcoin (BTC) from Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on 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 Complete Guide How to Buy Crypto 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.

Also read:

Bitcoin Halving: Will More Institutional Investors Join In?

This Signal Could Be a Sign of a Bitcoin Price Reversal

Bitcoin Price Prediction 2024: Fantastic Until Next Year?

DISCLAIMER: This article is informational in nature and is not an offer or invitation 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.