Bitcoin fell over 4.5% to a local low of $68,000 on April 1, marking a red start to the month after seven consecutive monthly closes in the green.
The flash crash resulted in $319.43 million in liquidations over the past 24 hours — with longs making up the vast majority at $252.42 million.
While there has been some recovery in the past hour, the immediate fallout saw a staggering number of traders caught in the downturn. The decline comes after the flagship crypto climbed to $71,500 over the weekend to close a monthly candle at the highest price in history.
BTC was trading at a critical support level of $68,500 as of press time, based on CryptoSlate data.
Most of the crypto market mirrored the crash, with Ethereum and Solana falling 5.91% and 6.63% over the past 24 hours.
ETH was trading at $3434, while SOL was trading at $189 as of press time.
Market sentiment
The trading sentiment remains cautious as BTC/USD levels dipped to their lowest since March 25, prompting traders to monitor support levels closely.
Continued sell pressure could see Bitcoin retest $67,200 if it dips below the 200-period moving average on four-hour timeframe.
Despite achieving a historic seventh consecutive green monthly close, there is a consensus that the path to the Halving may not be a straightforward upward trajectory.
However, the market sentiment indicates a strong belief in achieving new all-time highs post-halving, evidenced by over $150 million in BTC bids placed down to $62,000 after a brief dip below $69,000.
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