{"id":380963,"date":"2024-04-02T13:30:17","date_gmt":"2024-04-02T08:00:17","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=380963"},"modified":"2024-04-02T22:05:50","modified_gmt":"2024-04-02T16:35:50","slug":"bitcoin-sinks-to-66k-is-the-halving-to-blame-or-something-else","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-sinks-to-66k-is-the-halving-to-blame-or-something-else\/","title":{"rendered":"Bitcoin&#8217;s price crashes to $66K: Blame the halving or something else?"},"content":{"rendered":"<ul>\n<li><em>Long positions constituted about 83% of the total liquidations.<\/em><\/li>\n<li><em>An analyst reaffirmed that the market generally becomes \u201csignificantly volatile\u201d in the lead up to Bitcoin&#8217;s halving.<\/em><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> sharply corrected during early Asia hours on Tuesday, plunging 5.7% to as low as $66,000.<\/p>\n<p>The sudden retracement triggered liquidations worth $200 million from the entire crypto market in the last four hours, as per AMBCrypto&#8217;s analysis of Coinglass&#8217; data.<\/p>\n<p>Long positions constituted about 83% of the total liquidations.<\/p>\n<figure id=\"attachment_380969\" aria-describedby=\"caption-attachment-380969\" style=\"width: 1151px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/total-liquidations.jpg\"><img decoding=\"async\" class=\"size-full wp-image-380969\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/total-liquidations.jpg\" alt=\"Total crypto market liquidations\" width=\"1151\" height=\"315\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/total-liquidations.jpg 1151w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/total-liquidations-300x82.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/total-liquidations-1024x280.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/total-liquidations-768x210.jpg 768w\" sizes=\"(max-width: 1151px) 100vw, 1151px\" \/><\/a><figcaption id=\"caption-attachment-380969\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p>The dip also caused the majority of BTC derivatives traders to turn bearish on the asset.<\/p>\n<p>Also, the <a href=\"https:\/\/www.coinglass.com\/LongShortRatio\" target=\"_blank\" rel=\"noopener\">Long\/Shorts Ratio<\/a> fell sharply below 1 in the last few hours until press time, indicating a sharp increase in bearish leveraged positions.<\/p>\n<p>This slump followed a weak start to the week for Bitcoin spot exchange-traded funds (ETFs).<\/p>\n<p>Ten new investment avenues, tracking spot prices of the world&#8217;s largest digital asset, witnessed net outflows of $85 million on the 1st of April, AMBCrypto noticed using SoSo Value&#8217;s data.<\/p>\n<figure id=\"attachment_380973\" aria-describedby=\"caption-attachment-380973\" style=\"width: 1136px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-spot-etfs.jpg\"><img decoding=\"async\" class=\"size-full wp-image-380973\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-spot-etfs.jpg\" alt=\"Bitcoin spot ETFs\" width=\"1136\" height=\"473\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-spot-etfs.jpg 1136w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-spot-etfs-300x125.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-spot-etfs-1024x426.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-spot-etfs-768x320.jpg 768w\" sizes=\"(max-width: 1136px) 100vw, 1136px\" \/><\/a><figcaption id=\"caption-attachment-380973\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p>The downward pressure was also a reaction to stronger-than-expected U.S. manufacturing sector data, Shivam Thakral, CEO of Indian cryptocurrency BuyUcoin, said to AMBCrypto.<\/p>\n<p>Typically, risk-based markets such as cryptocurrencies and equities interpret such events as a lower likelihood of the U.S. Federal Reserve cutting interest rates.<\/p>\n<p>Wall Street&#8217;s main indices like S&amp;P 500 and Nasdaq Composite also slipped lower on this development.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin&#8217;s [BTC] Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p>Thakral, however, reaffirmed that the crypto market generally becomes \u201csignificantly volatile\u201d in the lead up to Bitcoin&#8217;s halving. Hence, participants could brace for more ebbs and flows over the next two weeks.<\/p>\n<p>The market sentiment was one of \u201cextreme greed\u201d at press time, according to Hyblock Capital&#8217;s data. This could accelerate buying pressure in the days to come, helping Bitcoin push further north.<\/p>\n<figure id=\"attachment_380986\" aria-describedby=\"caption-attachment-380986\" style=\"width: 1320px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-fear-and-greed-index.png\"><img decoding=\"async\" class=\"size-full wp-image-380986\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-fear-and-greed-index.png\" alt=\"Bitcoin Fear and Greed Index\" width=\"1320\" height=\"543\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-fear-and-greed-index.png 1320w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-fear-and-greed-index-300x123.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-fear-and-greed-index-1024x421.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-fear-and-greed-index-768x316.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-fear-and-greed-index-1200x494.png 1200w\" sizes=\"(max-width: 1320px) 100vw, 1320px\" \/><\/a><figcaption id=\"caption-attachment-380986\" class=\"wp-caption-text\">Source: Hyblock Capital<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Outflows from spot ETFs and stronger U.S. manufacturing sector data likely caused Bitcoin&#8217;s decline.<\/p>\n","protected":false},"author":80,"featured_media":380967,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-380963","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin&#039;s price crashes to $66K: Blame the halving or something else? 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