Investors rallied this afternoon when Bitcoin (BTC) suddenly depreciated over $ 2,000 in five minutes as a wave of uncertainty disrupted the market.
Based on the price chart for the BTC/USD pair, the crypto king declined from $ 59,350 to $ 57,000. However, at the time of writing the BTC price slightly rose to the level of $ 58,131.
Previously, news from PayPal that it has allowed its users to invest in cryptocurrencies including BTC has invited a sense of excitement among investors to see price spikes for a long time.
However, continued bullish expectations seem to be finding a point of failure today.
At the same time, it was reported that $ 600 million long positions were liquidated within 24 hours, seeing a loss of Bitcoin value of up to $ 1 billion.
PlanB analysts explained the losses actually helped the crypto market stay away from unwanted influences besides ensuring the next surge was more organic. With long -liquid leverage, Bitcoin has room to break the $ 60,000 level by this April.
For the record, the same thing has happened for short and long positions over the past few months.
At the same time funding rates across platforms showed the highest level for the day, reaching 0.375% in Huobi, indicating downward pressure was approaching.
Meanwhile, analysts forecast $ 68,000 and $ 73,000 as the next resistance.
