"BTC has risen high to $73K, so the price must be resting for a while."
The price of the king of cryptocurrency Bitcoin (BTC) finally managed to climb up to $73,000 on March 13 yesterday before suddenly collapsing almost 6% then rebounding above the $71,000 level.
The event liquidated over $360 million of leveraged derivative positions across all digital assets following mostly betting longs on price, so here it can be seen that it was the largest long flush-out since the March 5, 2024 correction.
Meanwhile, BTC address whales are making aggressive gains, where the number of BTC address whales with 1,000 BTC decreased and in the last two weeks, it also plunged by 4.83%.
Large liquidations can cause the price of BTC to experience a massive pullback again plus long positions of the digital asset worth $29.40 million have been liquidated in the last 24 hours.
According to crypto investment services firm Matrixport, the bull market is still in momentum but the divergence between the falling RSI and the still high BTC price could signal that the digital asset needs to consolidate first before rallying again.
Also reported, the United States (US) Consumer Price Index (CPI) data release last night rose 3.2% which is slightly higher than analysts' expectations and this could prevent the Federal Reserve (Fed) from reducing interest rates.
However, Aurelie Barthere who is the principal research analyst of Nansen.ai said that the inflation reading is only a short-term decline for the digital asset and is unlikely to have an impact on the crypto market price increase in the coming weeks.
As of this writing, BTC price has plunged by 0.79% to $71,460 in the last 24 hours with a market cap of over $1 trillion but is still up 12.45% over the past week.
