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$500 Million Destroyed Amid Crypto Bloodbath; End of Bull Market?

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Tue, 19/03/2024 - 8:53
$500 Million Destroyed Amid Crypto Bloodbath; End of Bull Market?
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The cryptocurrency market is experiencing a significant correction that is not stopping. With over $500 million worth of positions liquidated, traders wonder if this signals the end of the recent bull market.  

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A sharp sell-off prevails on the market, as indicated by the high number of liquidations. Within just a 24-hour window, liquidations have mounted, with Bitcoin (BTC) witnessing $107.14 million in liquidations and the total volume of liquidation exceeding $500 million.  

Bitcoin's price performance

Bitcoin has clearly retreated from recent highs, currently sitting below the $60,000 mark. On the chart, BTC shows it has fallen below the short-term moving averages, which typically act as support levels. This could indicate that the bullish momentum has weakened.

BTCUSD
BTC/USDT Chart by TradingView

It reveals a sharp decline from a peak, with the price now approaching the 50-day moving average (around $56,276). If this level fails to hold, the next significant support is near the 100-day moving average (around $51,819). A breach below this level might lead to increased selling pressure, potentially indicating a more extended bearish phase.

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This prolonged correction is unsettling for the market, as it indicates that investor sentiment may be shifting from overwhelmingly positive to cautious, if not outright pessimistic. It is a worrisome sign, particularly when the market was expected to stabilize after an initial correction at around $70,000.

The current severity of volatility has taken many by surprise. As the market navigates through this severe correction and faces a potential trend reversal, it is crucial for participants to stay cautious and, most importantly, as liquid as possible. Focusing on the longer-term outlook rather than short-term fluctuations might be the most viable strategy amid the unexpected market fluctuations we are witnessing now.

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