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Bitcoin

Flash

<ul>
 <li>Bitcoin plunges 8% to $66,045, leading a broader crypto market correction, with top altcoins dropping 6-12%.</li>
 <li>The global crypto market witnessed over $500 million in liquidations in the last 24 hours.</li>
</ul>
Bitcoin (BTC) experienced a <a href="https://thenewscrypto.com/peter-schiff-continues-to-criticize-bitcoin-despite-recent-performance/" target="_blank" rel="noopener noreferrer nofollow">significant downturn</a> today, plunging to a 10-day low of $66,045, marking an 8% decrease in value. This decline triggered a broader correction across the cryptocurrency market, with the top ten altcoins also witnessing corrections ranging from 6% to 12%. Also, the global crypto market has seen a 6% drop in its market cap of $2.5 trillion over the past few hours.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="509" src="https://thenewscrypto.com/wp-content/uploads/2024/04/image-1-1024x509.png" alt="" class="wp-image-95163" srcset="https://thenewscrypto.com/wp-content/uploads/2024/04/image-1-1024x509.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/04/image-1-300x149.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/04/image-1-768x382.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/04/image-1.png 1300w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">Bitcoin (BTC) Price Chart (Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>)
 </figcaption>
 </figure>
</div>
The correction led to over $500 million in <a href="https://thenewscrypto.com/billions-in-bitcoin-flow-out-of-exchanges-as-etfs-drive-supply-squeeze/" target="_blank" rel="noopener noreferrer nofollow">liquidations</a> across the crypto market, with $413 million from long positions and $85 million from short positions, according to data from Coinglass. Bitcoin alone accounted for $138 million in liquidations, underscoring the market-wide impact of the downturn.
<h2 class="wp-block-heading" id="h-will-btc-test-60k-support-before-the-halving">Will BTC Test $60K Support Before the Halving?</h2>
Bitcoin struggled to maintain its position above the critical $70,000 resistance level and began its descent after breaching the $67,500 support zone. The decline continued below $66,800 and ultimately breached the $66,300 mark, reaching a low of $66,045 before stabilizing.
Currently, <a href="https://thenewscrypto.com/bitcoin-etfs-dominate-market-with-35b-whats-next-for-btc/" target="_blank" rel="noopener noreferrer nofollow">BTC is trading</a> below $67,000 ($66,882), and the 100 hourly simple moving average, BTC faces a key resistance trendline of around $67,300 against the USD. If the trend reverses, the immediate resistance lies near $67,500, with a further climb towards $67,900 and $68,600. A clear breakthrough above $68,800 could signal a bullish trend, potentially leading to a push toward the $70,000 zone.
However, failure to overcome the $67,000 resistance could prolong the downtrend. Initial support rests at $66,200, followed by major support levels at $65,500 and $65,100. A breach below $64,800 might trigger a more significant decline, with the possibility of BTC dropping toward $62,500.

Bitcoin Flash Crash to $66K, What’s Behind the Sudden Reversal?

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TheNewsCrypto

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