{"id":2804,"date":"2021-03-24T07:24:13","date_gmt":"2021-03-24T06:24:13","guid":{"rendered":"https:\/\/thecryptowolf.net\/2021\/03\/24\/bitcoin-continues-its-slump-indicators-point-to-further-correction-ahead\/"},"modified":"2021-03-24T07:24:13","modified_gmt":"2021-03-24T06:24:13","slug":"bitcoin-continues-its-slump-indicators-point-to-further-correction-ahead","status":"publish","type":"post","link":"https:\/\/thecryptowolf.net\/2021\/03\/24\/bitcoin-continues-its-slump-indicators-point-to-further-correction-ahead\/","title":{"rendered":"Bitcoin Continues Its Slump: Indicators Point to Further Correction Ahead"},"content":{"rendered":"
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Bitcoin price remains nearly 10% below recent highs, as the major cryptocurrency continues its slump after early last week\u2019s sell off. Since hitting a new all-time high of $61k, BTC has continued to face downward pressure, hovering around the $54,000 price level. The past week\u2019s volatility has resulted in bulls losing nearly $2.6 billion in liquidations, according to <\/span>ByBt<\/span><\/a>.<\/span><\/p>\n There were two major catalysts that led to last week\u2019s sizable drop from $61,000, one of which was the Indian government proposing a bill to ban all private use of cryptocurrencies in the country. The other reason was due to reports claiming that 18,961 BTC was flowing into crypto exchange Gemini.\u00a0<\/span><\/p>\n With an alleged $1 billion worth of Bitcoin being dumped, investors and speculators began to take profit in anticipation of a steeper selloff. However, this was later proven false as the transfers turned out to be internal.<\/span><\/p>\n We have been receiving messages asking about large #BTC<\/a> inflows into Gemini.<\/p>\n Clarification: This is incorrect, the reported transactions were internal. Those are funds that were already on the exchange’s wallets, and were simply transferred internally.https:\/\/t.co\/o1kYsHMCuo<\/a> pic.twitter.com\/GjecVFfX8Y<\/a><\/p>\n \u2014 glassnode (@glassnode) March 15, 2021<\/a><\/p>\n<\/blockquote>\nUnderstanding Bitcoin\u2019s Recent Price Action\u00a0<\/b><\/h2>\n
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