Bitcoin Nosedives 3 thousand dollars recently liquidated but analysts failed

Liquidations are on the rise as the total market capitalization fell over 6% in the last few hours.

This plunged to around $2.5 trillion, leaving around $200 billion out of the market, according to CoinMarketCap.

CoinGecko reports a slightly different figure, with total capitalization down to around $2.6 trillion at the time of this writing. However, for the past month most of it has been sidelined.

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The liquidation is close to 500 million dollars

According to Coinglass data, 154,176 traders have been liquidated, and the total liquidity has been about $500 million in the last 24 hours. Many of them were long positions.

The biggest move came in Bitcoin, which fell 4% to $66,750 during early morning trading in Asia. The asset lost about $2,750 in less than two hours, draining more positions.

At the time of writing, BTC is trading slightly below the $67,000 price level.

However, analysts were undeterred, CrediBULL Crypto said, “What we've done here by pushing this is to test the two logical support levels.

What we did with this push down was test the two logical support levels that I talked about in my latest video update this morning.

There is nothing to fear. If you haven't watched the video yet, I recommend doing so now. You can see it here ->… pic.twitter.com/Mg9mTUMFkM

— CrediBULL Crypto (@CredibleCrypto) April 2, 2024

According to Goldbug and Bitcoin speculator Peter Schiff, the dip is equivalent to a $100 drop in the price of gold in 10 minutes.

“If this turns into something big, ETF investors are held until the NYSE opens tomorrow,” he added.

However, as shocking as it may seem to crypto newcomers, this market volatility and leverage is a normal feature of crypto markets. It's healthy to go back to unused levels for prices.

$BTC back to 4H MA 200

Note the early price response pic.twitter.com/8Yo6XZ9fTb

— Cheds (business quotes) (@BigCheds) April 2, 2024

Altcoins hit more

As usual, altcoin markets suffered heavy losses. Ethereum shed 6.5% to $3,350, pushing back more than 30% from its peak.

After the impressive rally, Solana plunged 8.5% to $185, while Dogecoin fell 11% to $0.192.

Other altcoins in double-digit pain today include Avalanche, down to $48, Shiba Inu, Bitcoin Cash and Litecoin.

The memecoins that those djinns have been putting in recently have been mostly affected by the Book of Meme (BOME) side, which is up 12% on the day.