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Bitcoin Continues Its Slump: Indicators Point to Further Correction Ahead

Bitcoin price remains nearly 10% below recent highs, as the major cryptocurrency continues its slump after early last week’s sell off. Since hitting a new all-time high of $61k, BTC has continued to face downward pressure, hovering around the $54,000 price level. The past week’s volatility has resulted in bulls losing nearly $2.6 billion in liquidations, according to ByBt.
Understanding Bitcoin’s Recent Price Action 
There were two major catalysts that led to last week’s sizable drop from $61,000, one of which was the Indian government proposing a bill to ban all private use of cryptocurrencies in the country. The other reason was due to reports claiming that 18,961 BTC was flowing into crypto exchange Gemini. 
With an alleged $1 billion worth of Bitcoin being dumped, investors and speculators began to take profit in anticipation of a steeper selloff. However, this was later proven false as the transfers turned out to be internal.

We have been receiving messages asking about large #BTC inflows into Gemini.
Clarification: This is incorrect, the reported transactions were internal. Those are funds that were already on the exchange’s wallets, and were simply transferred internally.
— glassnode (@glassnode) March 15, 2021

Since then, Bitcoin has failed to bounce back above $60,000 and continued its downtrend alongside the equities market. With stimulus checks having less of an impact than previously anticipated, the digital asset was unable to gain upward momentum to retest its recent all-time high. 
Bigger Correction May be Ahead 
It’s possible …
Story continues on Bitcoinist

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