Bitcoin (COIN: $BTC), the leading cryptocurrency by market cap at $1.28 trillion, has declined by 7% in the past week, dropping to below $64K per coin. The slide has triggered $440 million in liquidations across popular exchanges like Binance and OKX.
Moreover, other crypto giants like Ethereum, Solana, XRP, and DOGE also suffered significant losses. Some analysts predict Bitcoin will drop to $55K, with over $643 million outflows from Grayscale GBTCs over the past week.
Bitcoin and Massive Long/Short Liquidations
According to the liquidation data from Coinglass, there are over $197.62 million liquidations in Bitcoin alone, with $138.66 million long and $58.97 million short positions. Bitcoin began to decline on Monday evening, driven by significant outflows from Grayscale’s GBTC of over $640 million. Inflows into other products amounted to just under $500 million, resulting in a net outflow of $15 million from the market on Monday.
Furthermore, market analysts expect the Bitcoin price to fall to $55,000 as they forecast a long-term bullish trend.
The Chief Investment Officer at Ledn, John Glover, said, “The pace of the recent appreciation makes forecasting when the correction will complete difficult, but I do look for a move lower to $55-$62k before the next leg up.”
He added, “The retail players are just starting to enter the BTC ETFs en masse, and the next big entry is set to coincide with the halving, so things should get interesting in a month or so.”
BTC Plummet to $8.9K on BitMax
On Late Monday, the price of Bitcoin experienced a massive dump to $8.9K on BitMax. The exchange reports that it happened due to large sell orders of Bitcoins. However, the price of Bitcoin was above the $60,000 mark on other exchanges like Binance and OKX.
The downward movement started at 22:40 UTC, and within two minutes, prices dropped to $8,900, marking the lowest point since early 2020, as per data from TradingView. The recovery was also quick, with prices bouncing back to $67,000 by 22:50 UTC.
BitMax said in a statement about the dump, “We launched an investigation as soon as we saw unusual activity on our BTC-USDT Spot Market. All of our systems were operating as normal, but we identified aggressive selling behavior involving a very small number of accounts widely beyond expected market ranges. We can’t comment on any specific behavior of a user or actions taken, and we continue to investigate.”
BTC Price Trend
At the time of writing, Bitcoin is currently trading at 64,726.49, down by 8.25% in the past week, after hitting $70K last week. The current week looks quite bearish for BTC as record outflows are being reported. It has a market cap of $1.27 trillion, with a 24-hour trading volume of $71.19 billion.
Should you buy $BTC?
After a surge in prices since late 2023, Bitcoin is currently undergoing a correction. As such, it would be prudent to wait on the sidelines for the current trend to bottom before getting into BTC. The market sentiment is quite bearish at the moment, and analysts forecast it could continue until the halving.
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