Crypto Price Prediction: The cryptocurrency market witnessed a bearish start of the weekend, as Bitcoin projected a sudden pullback which plunged its price below $70000. The selling pressure spread to the altcoin market as major coins like Ethereum and XRP dropped 8-10%, while Cardano and Dogecoin dropped around 12% in the last 24 hours. The market downturn can be associated with the expiry of over $3 billion worth of Bitcoin and Ethereum options on Friday, March 15.
As highlighted by a recent tweet by WuBlockchain, the cryptocurrency market experienced significant liquidations, totaling $576 million, with long orders constituting $448 million of this. Notably, 167,000 traders were affected, and the largest single liquidation order, valued at $13.3002 million, occurred on OKX in a BTC-USDT swap. This event highlights the market’s volatility and the high risks associated with leveraged positions.
Binance shows that Bitcoin fell below $68,000 and is now quoted at $67,788, down 7.53% in 24h. Coinglass shows that the entire network has been liquidated to $576 million in the past 24h, including $448m in long orders. 167,000 people have been liquidated. The largest single…
— Wu Blockchain (@WuBlockchain) March 15, 2024
However, with the overall trend bullish market experts hint at a ‘buy-the-dip’ opportunity for traders.
Also Read: Crypto Market Selloff: Top Reasons Why Bitcoin, ETH, XRP, ADA, SHIB Crash Today
1)Bitcoin(BTC)
Bitcoin is the first and most well-known cryptocurrency decentralized digital currency that enables peer-to-peer transactions without the need for intermediaries. The BTC price has been notably bullish for the first half of March as market participants witnessed a jump from $59000 to $73650, registering a 24.8% gain.
However, the recovery rally witnessed a surge in supply pressure this mid-week leading to an 8.6% drop in the last 48 hours. With a market cap of $1.3 Trillion, the Bitcoin price trades at $67300 witnessing a new correction sentiment among traders.
However, a Bitcoin whale has withdrawn 800 BTC (worth $57.24M) from Kraken, adding to a total of 13,240 BTC ($909M) moved from the exchange since March 1, according to Lookonchain. This transaction the smart money sees a buy-the-dip opportunity and potential for higher recovery than the current ATH of $73750.
After the $BTC price dropped, the whale withdrew 800 $BTC($57.24M) from #Kraken again.
The whale has withdrawn 13,240 $BTC($909M) from #Kraken since Mar 1.https://t.co/4Hd54e1CmA pic.twitter.com/IllPcyraGQ
— Lookonchain (@lookonchain) March 15, 2024
As per the Fibonacci retracement level, the market traders may find suitable demand pressure at $65487, and $60350 coinciding with the 23.6% and 38.2% FIB levels.
Also Read: $576 Million Liquidated As Bitcoin (BTC) Price Cracks 7%, More Pain Ahead?
2)Cardano(ADA)
Cardano (ADA) is a blockchain platform known for its emphasis on security and sustainability, powered by a proof-of-stake consensus mechanism. It stands out for its rigorous, research-driven approach to development, aiming to offer more scalable, interoperable, and sustainable blockchain solutions.
ADA, the native token of the Cardano ecosystem, has seen a surge in volatility in the past two where the price resonates within $0.8 and $0.68 horizontal levels. With an intraday loss of 7.75%, the Cardano price plunged to $0.695 teasing the bottom support of the new range.
By press time, the Cardano coin stands at a market cap of $24.5 Billion while the trading price wavers at $1.7 billion. A breakout beyond the horizontal range will be a key indication for ADA price to initiate a directional move.
3)Dogecoin (DOGE)
Dogecoin (DOGE) started as a meme but has grown into a widely recognized cryptocurrency, admired for its vibrant community and use in tipping and charitable donations. Amid the recent meme rally in the crypto market, the DOGE price surged from a late February low of $0.081 to its recent high of $0.206, registering 151% growth.
However, the popular memecoin has witnessed heightened volatility in the past two weeks, evidenced by price consolidation between two converging trendlines. The Dogecoin’s current market cap stands at $24.47, and with an intraday price drop of 6.8%, the sellers teased a breakdown below the lower trendline.
Currently trading at $0.156, the DOGE price breakdown from the triangle will plunge the asset to immediate support of $0.147, followed by $0.13.
However, in theory, the pennant pattern formed from these converging trendlines hints at a higher potential for uptrend continuation, which may uplift the Dogecoin price to 0.27 high.
Takeaway
After an aggressive recovery trend, the Bitcoin price is likely witnessing a post-correction, which provides buyers an opportunity to recuperate their strength. With the overall trend strongly bullish this retracement may offer a suitable dip opportunity to potential buyers.
The post Crypto Price Prediction: ‘Buy The Dip’ Mood Strikes As BTC Drops Below $70k appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed