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Bitcoin Experiences Sharp Drop: What's Behind It?

2024/03/07 00:18

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Renowned crypto analyst Kyle du Plessis has pointed out a significant event in the Bitcoin market: a nearly $10,000 drop in a single day, triggering widespread liquidation despite the recovery of most cryptocurrencies.

Massive Long Liquidations Signal Altcoin Buying Opportunity, Potential Altcoin Season Ahead

Plessis highlighted approximately $1 billion in liquidations on the long side, marking the largest cascade of liquidations in the past six months. Funding rates surged significantly, while many altcoins continued to trade at discounted levels on daily charts.

Plessis sees the price dip as a potential buying opportunity for altcoins, especially considering the possibility of an altcoin season. He noted impressive recoveries in many altcoins across lower time frames.

Bitcoin Fear and Greed Index Reset: Potential for Sustained Rallies Ahead

Notably, Plessis observed a reset in the Bitcoin Fear and Greed Index, which had reached 90%, indicating an overbought condition. However, he pointed out that such high levels often precede sustained rallies. The index reset to around 70% after the recent sell-off, creating room for further potential rallies.

Plessis emphasized the emotional nature of the market, particularly for leveraged traders, as prices approach all-time highs. He cautioned against succumbing to hype and urged sticking to one's trading plans.

Bitcoin Bounces Back: Rebounds to $66,706 Amidst Bullish Momentum

At the time of reporting, Bitcoin was trading at $66,706, having recovered from a dip below $60,000 within the past 24 hours. Bullish momentum remains strong, especially with the upcoming Bitcoin halving event anticipated later this year.

Bitcoin(BTC)

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