Bitcoin experienced a significant price fluctuation after remaining relatively stable for the past two days. Bulls managed to push the price up to $71,754, but it quickly dropped to a low of $68,557 shortly after reaching its daily high.
During the last 48 hours, Bitcoin had been consolidating without much movement. However, on Wednesday, March 27, 2024, the situation changed when the price suddenly spiked at around 9:15 a.m. Eastern Time, reaching a high of $71,754 per coin. Unfortunately, the bulls couldn’t maintain this price or push it higher. Just 15 minutes later, the price plummeted below the $69,000 range, hitting a low of $68,557.
Within that hour, the price of Bitcoin experienced a 2.5% drop from its intraday high. Currently, Bitcoin’s market capitalization stands at around $1.37 trillion, and on Wednesday, it witnessed a global trade volume of $33.28 billion. As a result of the price drop, $20.7 million in long positions for Bitcoin and $13.03 million in long positions for Ethereum were liquidated.
The entire crypto economy saw $55.44 million in long positions liquidated, while short positions lost $8.31 million during the rebound. Bitcoin is currently down 6% from its all-time high recorded on March 14, 2024, which was approximately 13 days ago. Additionally, there are about 24 days remaining until the upcoming Bitcoin block reward halving event.
What are your thoughts on Bitcoin’s volatile fluctuations during Wednesday’s trading sessions? Feel free to share your opinions in the comments section below.
