3 reasons Bitcoin fell 6% in 4 hours — Is the BTC price rally at risk?

Bitcoin fell by 6% in four hours due to a combination of negative on-chain and technical factors.
The price of Bitcoin (BTC) abruptly fell by nearly 6% in less than four hours as the new weekly candle opened on March 15.Three factors contributed to the weakening momentum of Bitcoin, namely a new weekly open, high funding rates, and stablecoin inflows primarily driving the market upward.New weekly candle and a reset pullbackWhen a new weekly candle opens, Bitcoin typically sees large volatility because the trend on Monday could dictate how Bitcoin might perform throughout the rest of the week.BTC/USD 1-day chart with key levels. Source:, Rekt CapitalIn the last few hours, as the pseudonymous trader “Rekt Capital” noted, Bitcoin saw an overextended pullback. As a result, the trader said BTC could be in the process of seeing a “volatile reset.” The trader said:”BTC has pulled back towards the red area and even overextending below it – for now The day is still young so price could still resolve itself relative to this red boxed area and turn it into support Technically, $BTC is in the process of a volatile retest.”If Bitcoin fails to rebound from the $55,000 area, the trader warned that a steep correction to the $46,700 support level becomes a possibility.Futures market was very overheatedWhen the price of Bitcoin began to drop, the futures market funding rate of BTC was hovering above 0.1% across major exchanges.This indicates that the overwhelming majority of the market was …
Story continues on Cointelegraph

Related posts

Over 6,000 XRP holders volunteer as third party defendants in SEC lawsuit

XRP holders claim their interests aren’t being represented in an ongoing SEC lawsuit against Ripple Labs. Now they want to enter the fray as third-party defendants. XRP coin holders have attempted to insert themselves as third-party defendants in the United…
AA NewsBitcoinBitcoin (BTC) PriceBTCEURBTCGBPbtcusdBTCUSDTCrypto NewsSocial

$2.2 Billion Longs Liquidated in 24 Hours as Bitcoin Price Slides Below $55K

The past few hours have been rather unpleasant for bulls as the market took a swing to the lower side. More than $120 billion were wiped off the market capitalization, as bears poke their face. The latest developments in the…
AdoptionBitcoin PriceCointelegraph.comCryptocurrenciesSportUnited States

Oakland A's major league baseball team now accepts Bitcoin for suites

The Oakland A’s, the team at the center of the box office hit movie “Moneyball,” is accepting a single Bitcoin as payment to secure a six-seat suite throughout the 2021 home season. The Oakland A’s — the San Francisco East…