BTC/USDT 5-Minute Chart Analysis: Bearish Sentiment Prevails

TradingView Data: Bitcoin is currently trading at $65,060 on Binance. Its market capitalization stands at $1.28 trillion with a trading volume of $60 billion.

All top-10 assets are in the “red zone” alongside digital gold.

CoinGecko Data: The market’s aggregate capitalization has decreased to $2.56 trillion, marking a 5.8% loss in the past day. BTC dominance index is at 50%.

According to Coinglass, liquidation volume in futures markets hit $422 million in the last 24 hours, with the majority ($345 million) attributed to long positions.

Liquidation Map: Coinglass Data

Trader GVR predicts a potential drop to $55,000 if Bitcoin fails to reverse between $63,000-$64,000.


Tweet by Crypto GVR (@GVRCALLS): “If #bitcoin won’t start reversal in between 63-66k$ then we can see bearish days to 55K$ I’m expecting reversal around 63-64K$”

Renowned analyst Michaël van de Poppe termed the correction as “harsh.”

Tweet by Michaël van de Poppe (@CryptoMichNL): “These corrections are harsh, but remember that you don’t want to purchase #Altcoins when they rally. You want to purchase them when they’re down between 25-60%. That’s when the real gain comes in.”

Glassnode experts noted that amid the rally above $70,000, hodlers have shifted to selling, locking in profits.

Recall that JPMorgan analysts predicted a Bitcoin correction to $42,000 post the upcoming halving in April.