Bitcoin ETF

Elon Musk

BTC price has dropped to $65,228.72 after facing a dip of 7% from yesterday. Earlier, Bitcoin was trading around the $70K mark but has failed to maintain that with the beginning of the new month. The market capitalization of Bitcoin is also down, currently settling around $1,282,145,774,151.&nbsp;
The effect of BTC fall is also visible in the rest of the crypto market. Ethereum has fallen from the $3500 mark, and a 7% fall in the overall crypto <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/">market cap</a> is also visible. Not only this, the <a href="https://coingape.com/blog/what-is-crypto-fear-and-greed-index-how-does-it-work/" rel="noopener noreferrer nofollow">fear and greed index</a> has also shifted from extreme greed zone to simply greed.&nbsp;
Why Bitcoin price has dropped? Is it the end of the bull run? Let’s discuss all this through this blog.&nbsp;
<h2 id="span-data-preserver-spaces-true-why-has-the-bitcoin-price-fallen-recently-span">Why has the Bitcoin Price fallen recently?&nbsp;</h2>
Bitcoin is the most important cryptocurrency in the market, and no minor disturbances can affect the prices. Three prominent reasons have pushed <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin prices</a> to fall, affecting the overall crypto market.&nbsp;
<h3 id="span-data-preserver-spaces-true-upcoming-bitcoin-halving-span">Upcoming Bitcoin Halving&nbsp;</h3>
As the <a href="https://coingape.com/glossary/bitcoin-halving/" rel="noopener noreferrer nofollow">Bitcoin halving</a> event is approaching, increased selling pressure is visible in the market, which has pushed the value from its previous $70k mark to the $65K&nbsp;&nbsp;
Such price differences are always noticed and considered a part of the pre-halving events. During halving, the Bitcoin reward will be slashed in half and the miners will receive a lower share for the mining efforts. The sole purpose of the halving is to reduce Bitcoin production to maintain the scarcity of tokens, which will result in a price surge later in the future.&nbsp;
LMAX Digital has also spoken on this topic, mentioning: –
<blockquote>
 As we come into this halving event, bitcoin has just put in a fresh record high and could be less inclined to be wanting to extend its record run before first going through an overdue period of correction and consolidation
</blockquote>
<h3 id="span-data-preserver-spaces-true-bitcoin-etf-negative-flow-span">Bitcoin ETF Negative Flow</h3>
The second quarter of 2024 has started with the all <a href="https://coingape.com/education/bitcoin-spot-etf/" rel="noopener noreferrer nofollow">Bitcoin Spot ETF</a> turning negative. A total of $85.84 million in the net ETF outflow has been noticed on the 1st of April. The <a class="editor-rtfLink" href="https://coingape.com/bitcoin-etf-flows-turn-negative-as-q2-begins-halving-excitement-ends/" target="_blank" rel="noopener noreferrer nofollow">Grayscale ETF</a>&nbsp;alone has faced $302 million in outflows.&nbsp;
Though the Bitcoin price has already started moving in a downtrend, the ETF data has become another factor pushing the value even lower.&nbsp;
<h3 id="span-data-preserver-spaces-true-coinbase-bitcoin-outflow-span">Coinbase Bitcoin Outflow</h3>
CryptoQuant market data has pinpointed a huge&nbsp;<a class="editor-rtfLink" href="https://coingape.com/bitcoin-bulls-ignite-as-coinbase-records-second-largest-weekly-outflow/" target="_blank" rel="noopener noreferrer nofollow">outflow&nbsp;</a>on the Coinbase exchange earlier. The outflow was led by a transaction of 16,800 BTC, with another 17,000 BTC shared out of the exchange.&nbsp;
Usually, such transactions lead to bullish conditions, but that did not happen in this case. Instead of a bullish push, these transactions helped to bring the BTC value down by initiating a selling trend.
<h4>Is The Bull Run Over?&nbsp;</h4>
Bitcoin is entering the halving event for the fourth time this year, and a <a href="https://coingape.com/trending/top-5-cryptocurrencies-to-watch-out-in-crypto-bull-run-2024/" rel="noopener noreferrer nofollow">bull run</a> is anticipated to follow the halving event. BTC has been performing well in the last three months, creating a new ATH record, and was trading around $70K just two days ago. It is the pre-halving moment where Bitcoin is under a correction zone before jumping a bull run.&nbsp;
The same has happened in the past three&nbsp;<a class="editor-rtfLink" href="https://coingape.com/blog/bitcoin-halving-history-chart-analysed/" target="_blank" rel="noopener noreferrer nofollow">halving events</a>, each leading to a long bull run. During the first halving, the BTC price was just around $12.20, but that surged to above $1000 after halving. Similarly, in the second halving event, Bitcoin was around $650.3, but after that, the price went to $19,188. Lastly, during the last halving experience, the BTC surged to its previous ATH of $69K.&nbsp;
Analysts believe after this halving event, BTC price will start with an initial value of $80,000 before crossing the $100K mark if everything goes according to expectations.&nbsp;
<h2 id="span-data-preserver-spaces-true-conclusion-span">Conclusion</h2>
A price decline has always happened during the halving waiting period. But once the Bitcoin halving comes to an end, the BTC price has always led to a long bull run. It has to see how Bitcoin will dominate the crypto market once it is all over.&nbsp;
Read More <a href="https://coingape.com/trending/elon-musk-continues-ai-ambitions-despite-acknowledging-20-risk-to-humanity/" rel="noopener noreferrer nofollow">Elon Musk Continues AI Ambitions Despite Acknowledging 20% Risk to Humanity</a>
The post <a href="https://coingape.com/trending/btc-price-is-falling-is-it-the-end-of-bull-run/" rel="noopener noreferrer nofollow">BTC Price Is Falling: Is It The End of Bull Run?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

BTC Price Is Falling: Is It The End of Bull Run?

Table of Contents

Coingape News Media

Другие статьи, опубликованные 2 апр. 2024 г.

Paradigm To Raise $850M In Biggest Fundraise Since Crypto Winter

Edo State to introduce API integration for Bolt, Uber and other e-hailing operators

Top Altcoins to Buy in Q1 of 2024; KangaMoon, BNB, Solana, Polkadot, Cardano

Top Crypto Presale of 2024: BlockDAG Amasses $11.6M, Sells 6B Coins Amid Tron Downward Trend & Ca...

Pennsylvania “Green Amendment” Gets Dragged in Crypto Mining Pollution Case

BEFE Coin’s Value Soars 45% in Anticipation of Presale Launch

Join our free newsletter for daily crypto updates!