- Bitcoin, Ethereum and Solana have fallen significantly on the price chart
- Approximately $1 billion worth of positions were liquidated in the past 24 hours.
Bitcoin price surged last week, [BTC] Significant corrections were recorded in the last 24 hours. During the above period, the price of the cryptocurrency declined by 4.95% and at the time of writing, BTC was trading at $67,829.94. Bitcoin fell as traditional markets slumped due to geopolitical uncertainty related to a possible Iranian attack on Israel. In response, the S&P 500 and Nasdaq both fell, and traditional safe-haven assets like gold rose in value.
The fall in Bitcoin prices had a knock-on effect, causing other cryptocurrencies on the charts to fall as well.
Another person dies
Due to the high correlation between Bitcoin and Ethereum [ETH] and solana [SOL]It suffered an even worse fate as its price also fell significantly. SOL is down 11.93% over the past 24 hours, while ETH is down 8.33% over the same period. Thanks to that, both SOL and ETH broke their previously established lows, disrupting the continuing bullish trend on the charts.
Source: Santiment
In fact, the price of ETH dropped to $3099 during this drawdown. However, after testing this level, it managed to recover to $3256.96 at the time of writing.
Previously, Ethereum tested this level on March 20th. If Ethereum follows a similar trajectory going forward, it could reach the $3,384 level soon.
Source: Trading View
Solana followed a similar trajectory. Although the correction was fairly recent, Solana's price movements since April 1 signaled a potential price decline. Since the beginning of the month, SOL has made multiple new lows and highs, indicating a bearish trend.
A significant resurgence of bullish momentum is required for both ETH and SOL to move higher.
Source: Trading View
Are whales to blame?
However, despite this price correction, interest in BTC and ETH remains high. In fact, analysis of Santiment data by AMBCrypto revealed that the number of addresses holding BTC and ETH has increased significantly over the past few weeks.
This indicates that the recent price drop may have been caused by the actions of a few whales who indulged in profit taking.
Source: Santiment
How are traders holding up?
In the past 24 hours, positions worth $947 million were liquidated. Of this amount, $824.94 million was in long positions. Traders who were bullish on BTC, ETH, and SOL lost the most money. However, at this point, it is too early to say which direction BTC will go, especially with the halving looming around the corner.
Source: Coinglass
