Bitcoin Drops to $80K Amid Selling Pressure and Risks
The Most Important Points at a Glance
Bitcoin has experienced a significant correction in recent days. Currently, 23% of the circulating BTC supply is at a loss. Institutional investors are buying the dip, but high liquidation risks remain. The question is whether Bitcoin could fall below the 80,000 USD mark again.
Bitcoin Correction: Selling Pressure Increases
Bitcoin recently reached a high of 97,000 USD before facing strong rejection. The price then dropped to 82,000 USD. Despite the correction, 76.08% of Bitcoin holdings are still in profit – the lowest level in the past six months.
However, this also means that 23% of the circulating BTC supply, approximately 4.56 million coins, are now at a loss. This could lead some investors to sell in order to avoid further losses.
Trading Volume and Exchange Inflows
Bitcoin’s trading volume has increased by 178.22% to 43.12 billion USD. At the same time, net deposits on crypto exchanges have risen by 3.96%. This suggests that more BTC is currently being sold than bought.
The buying appetite of U.S. investors remains low amid economic uncertainties. This could indicate that institutional players are influencing the market.
Leverage in Derivatives Trading Increases
While the spot market is weakening, leverage in Bitcoin derivatives trading is rising. The Estimated Leverage Ratio (ELR) recently hit a three-month low but has now surged again. This indicates that traders are increasing their leveraged positions and taking on higher risks.
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On March 9, Bitcoin dropped by 6.41% to 80,000 USD. This led to liquidations of long positions worth 195.86 million USD. Institutional investors are using the dip to buy, which could potentially trigger a short squeeze.
Could Bitcoin Fall Below 80,000 USD Again?
If Bitcoin fails to break through the resistance level of 85,000 USD, further selling could occur. This could push the price below 80,000 USD once again.
Institutional investors are currently absorbing the selling liquidity from traders exiting after the recent 17% weekly loss. However, the risk of further declines remains high.
Our Assessment
The current market situation shows increased volatility. While institutional investors are buying the dip, the risk of further liquidations remains high. If Bitcoin fails to surpass the 85,000 USD mark, another drop below 80,000 USD is possible. Investors should closely monitor trading volumes and liquidation data.
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