Bitcoin plummeted below $59,000 after reaching $64,000 earlier! Just last night, Daniel Yan, co-founder of Matrixport, warned that Bitcoin has reached a cautious high point and predicted a healthy 15% pullback by the end of April.
(Previous Summary: Bitcoin market crash! It dropped below $59,000, a sudden 8% decline, resulting in over $700 million in liquidated positions for 180,000 people.)
(Background: Bitcoin surges! Breaking through $59,000, Wall Street investment bank Benchmark predicts it will reach $125,000 by the end of next year.)
Table of Contents:
Matrixport Co-founder Daniel Yan: Bitcoin may experience a 15% pullback in April
On February 28, GBTC saw an outflow of $216 million
IntoTheBlock: Retail investors’ participation in BTC decreases after it surpasses $60,000
Bitcoin broke through multiple important price levels last night and briefly reached $64,000 around 01:15 today, with a maximum daily increase of 13%.
However, what’s astonishing is that the price of Bitcoin suddenly dropped sharply, falling to a minimum of $58,770 within half an hour, showing significant volatility. According to Coinglass data, in the past 24 hours, the total amount of liquidated positions in the cryptocurrency market exceeded $730 million, with a staggering number of 180,000 people being liquidated.
Image Source: Binance Spot
Matrixport Co-founder Daniel Yan: Bitcoin may experience a 15% pullback in April
Regarding the trend of Bitcoin after surpassing $60,000, Daniel Yan, co-founder of Matrixport, expressed caution on social platform X last night, stating that the current market sentiment has reached a level where caution should be exercised. He believes that shortly after the Bitcoin halving, which will occur by the end of April, BTC will experience a healthy 15% pullback.
Yan also pointed out that this pullback is expected to occur as early as March, as March is a relatively fragile month for the cryptocurrency market. With Bitcoin’s price surpassing $60,000, Farside data showed a significant outflow of $216 million from GBTC on February 28, marking the highest daily outflow in February.
Additionally, according to analysts from IntoTheBlock, on-chain data and internet search trends indicate lower participation from retail investors after Bitcoin’s surge past $60,000. This seemingly suggests that institutional influence on Bitcoin’s price is gradually strengthening.
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