One observer noted that despite the slip, Bitcoin is demonstrating resilience, yet it is anticipated that the corrective period may persist for some time before a resurgence in growth.
In the past 24 hours, Bitcoin and Ether experienced a 4% decline, while SOL and DOGE saw losses of 6% to 7%. This downward movement resulted in the highest volume of leveraged long liquidations in a week, as per data from CoinGlass.
Bitcoin price on April 9 (CoinDesk)
Bitcoin (BTC) buckled below $69,000 as cryptocurrencies slid Tuesday, paring optimism after Monday’s rally.
BTC slipped as low as $68,580 from above $71,000. The largest cryptocurrency by market cap was recently priced near $69,000, down about 4% over the past 24 hours, CoinDesk data shows.
The drop echoed through the crypto markets, with the broad-market CoinDesk 20 Index (CD20) losing 3.2% in the same period. Ether (ETH) fell below $3,500, almost 4% lower, and major altcoins solana (SOL) and dogecoin (DOGE) slid as much as 6% to 7%.
The declines led to almost $200 million worth of leveraged derivatives trading positions being liquidated across all digital assets as of 15:45 UTC, CoinGlass data shows. The overwhelming majority, some $175 million worth of positions, were longs betting on prices to rise. This was the largest daily leveraged long flush in a week, the data show, suggesting that leveraged traders were caught off-guard.
While bitcoin’s Monday breakout above $70,000 prompted some analysts to predict higher prices, some technical analysis indicated a different conclusion. Monday’s high price was below the record highs recorded in March, meaning that the subdued prices might continue for a while before targeting fresh highs, according to Joel Kruger, a market strategist at LMAX Group.
“Bitcoin continues to demonstrate remarkable resilience, finding support amidst a period of consolidation,” he said in an emailed note. “The daily chart hints at a potential lower top around $71,800, suggesting the possibility of corrective price action before a fresh attempt at record highs.”
Bitcoin (BTC) struggled to maintain its momentum above $69,000 as the broader cryptocurrency market faced a downturn on Tuesday, erasing some of the optimism following Monday’s rally.
BTC dipped to as low as $68,580 from its previous level above $71,000. The leading cryptocurrency, according to CoinDesk data, is currently hovering around $69,000, marking a decline of about 4% over the past 24 hours.
The downward trend extended across the crypto market, with the CoinDesk 20 Index (CD20) registering a 3.2% loss during the same period. Ether (ETH) also experienced a drop below $3,500, down nearly 4%, while major altcoins like Solana (SOL) and Dogecoin (DOGE) recorded declines of 6% to 7%.
The market downturn led to approximately $200 million worth of leveraged derivatives trading positions being liquidated across all digital assets by 15:45 UTC, as per CoinGlass data. Of this, the majority—about $175 million—were long positions anticipating price increases. This represents the largest daily liquidation of leveraged long positions in a week, indicating that leveraged traders were caught by surprise.
Despite Monday’s breakout above $70,000 prompting some analysts to forecast further gains, certain technical indicators suggest a different scenario. Monday’s peak fell short of the record highs reached in March, implying that subdued prices may persist before attempting to reach new highs, as noted by Joel Kruger, a market strategist at LMAX Group.
Kruger emphasized Bitcoin’s resilience amid a consolidation phase, stating, “The daily chart hints at a potential lower top around $71,800, suggesting the possibility of corrective price action before a fresh attempt at record highs.
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