The crypto money market faced a harsh decline on the last trading day of the week. The price of Bitcoin dangled below critical support levels and caused the panic atmosphere to spread in the markets. This decline triggers large liquidations, while analysts warn that the price may further decline.
BTC experienced an important decline
Bitcoin (BTC) price fell below the critical $ 85,000 support level on Friday and fell to $ 84.200. With the increase in the general sales pressure in the market, the decline in BTC price triggered great liquidations. A total of $ 400 million in the crypto currency market was liquidated, while only Bitcoin long positions experienced $ 116 million losses. This harsh movement shows that the pressure on Bitcoin’s short -term appearance has increased.
US government made crypto transfers
One day before the fall movement, the US government’s wallets were transferred to 97 BTC and 884 ETH. These transfers led to speculation that it could trigger a potential wave of sales in the markets. However, these movements may be part of the US government’s effort to consolidate crypto assets in accordance with the administrative order published in March.
This order, which entered into force on March 6 and required federal institutions to report their crypto currency to the US Department of Treasury within 30 days, may have caused the market to perceive these movements as a sales signal.
Peter Brandt: Bitcoin price may decrease to $ 65,635
Experienced analyst Peter Brandt, evaluating the current technical appearance of Bitcoin price, warned that the price may decline to $ 65,635. Brandt said Bitcoin has completed the double peak formation and formed a decline.
“Do not hit the messenger. The graphics are reported what he says. The double peak formation has been completed and the target of the decrease kum is $ 65.635, Band said Brandt, Bitcoin’s price may fall up to $ 75,000 before the target of $ 65,635, he said.
With Bitcoin’s fell below $ 85,285, the bear market expectations strengthened. While the sales pressure increases, the trades continue to be cautious about Bitcoin’s next moves. It will be largely dependent on macroeconomic developments and investor sensitivity in the coming days, whether the bulls can get back the lock levels or whether the decrease is waiting for more.
