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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: Tradingview.com, 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 …
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