While browsing the market, crypto traders may feel that the previously green boards are being invaded by wild bears. According to Glassnode data, more than $1 billion in BTC entered the exchanges on April 8, but only $908.8 million came out. Led by Bitcoin, ETH, SOL, ADA, AVAX, SHIB and others returned 10% of their earnings at the beginning of the month. Here is the reason for the panic selling that drove the price of Bitcoin below $43,000…
BTC bulls surrendered within hours
At the time of writing, the leading cryptocurrency has dropped 2.74% in one day and in the last seven days It is trading at $42,417.66 after falling 8.98%. Just a few days ago, the bulls had raised the bar as Bitcoin broke the $45,000 resistance and was ready to challenge $48,000. However, technical indicators quickly reversed as Bitcoin dropped to not only $45,000 but also $44,000. Crypto investors are in a panic, but there is more to consider first. From Twitter to bozokcoin (@bozok6), macroeconomic factors may suppress the market for a while…
Why is Bitcoin falling?
As we have reported as Kriptokoin.com, the fifth sanction package against Russia has been approved by the European Union (EU). The latest sanctions package includes the closure of EU ports to Russian ships, the expansion of penalties on Russian banks and the continuation of the previously announced coal embargo. While the impact of the news caused significant selling pressure, bozokcoin evaluated the situation as follows:
EU members have agreed to ban the provision of high-value cryptocurrencies and services to Russia as part of the fifth package of sanctions imposed in response to the Ukraine war. With the arrival of this news, sales increased, the Russians are selling, but someone is covering the sales.
Selling pressure deepened to $42,183.29 in Bitcoin. The momentum gained over $ 44,000 thousand ended at the bottom of $ 42 thousand in about 8 hours. Maintaining this level can provide enough power to buy back $ 45,500 according to the analyst:
Normally, if these sales were not met, 40 thousand levels would be easily seen…. at least 10-15 billion dollars worth of Bitcoin (BTC) was sold today… these sales were gradually covered by someone… 400-500 thousand dollar sales orders have been coming since the morning… I expect it to settle above the 45.500 level again in a very short time when these sales are over….weekly close Let’s just do it over 42 thousand…
The analyst summarizes the reason for the selling pressure as follows:
Bitcoin changes hands in an area of 1000-1500 dollars….if you watch the board closely, you will understand what I mean…Russians are selling in a panic. I’m thinking.
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