In the recent development, BTC has been a major dip and has crashed below the $65,000 mark in the last 24 hours and is currently on a price correction, having recently hit a new all-time high (ATH) of $73,550 last week.
Bitcoin has already pulled back over 12% in the past week. Interestingly, some experts noted that this phase of the pre-halving correction can last multiple weeks. As historically seen, BTC has seen major correction during the Pre-Halving retrace in 2016 and 2020 when it pulled back by 38% and 20% respectively.
As per the recent data, over $600M has been liquidated from the crypto market in the last 24 hours. And, therefore traders are choosing to stay out of the market at the moment. Therefore, activity in the derivatives market shows that the current outlook for Bitcoin is bearish, with many still expecting further declines as the FOMC meeting is also scheduled on March 20, 2024.
At the time of writing this article, BTC is trading around $63,200 and is down by over 6% in the last 24 hours and has a market capitalization of $1.247 Billion.