Bitcoin (BTC) Drops Below $82K, Signaling a Potential Extended Correction to $80K

With crypto market liquidations reaching up to $217 million in the past 24 hours, Bitcoin is experiencing a sharp pullback.

Bitcoin price dropped sharply today, testing the $80K support as fear and uncertainty grew.

The crypto market liquidations in the past 24 hours reached up to $217 million.

Bitcoin dropped by 6% over the past four days, testing a 24-hour low of $81,287. Currently, it is trading at $81,993, showing signs of lower price rejection. Will this lower price action lead to a bullish rebound and prevent a retest of the $80,000 support level?

Bitcoin ETFs Streak Of Consecutive Days Of Inflows Ends

Despite the bearish market, Bitcoin ETFs saw an inflow of $196 million last week, marking the second consecutive week of positive inflows after a $744.35 million inflow the previous week.

However, the monthly net inflow is negative, at -$696.84 million.

Furthermore, on March 28, a $93.16 million outflow ended a streak of 10 consecutive days of inflows. Most of this outflow came from Fidelity, which recorded a withdrawal of $93.16 million, while other Bitcoin ETFs maintained zero flows.

On the other hand, the weekly data showed inflows into four ETFs, with inflows into two ETFs pausing this week after four consecutive weeks of inflows. At the same time, outflows were recorded into two ETFs.

Among the ETFs that saw outflows this week were BlockFi, which saw outflows of $93.16 million, and DEFI, which saw outflows of $2.52 million.

The ETFs that saw inflows this week were Avanti, which saw inflows of $93.16 million; Bitwise, which saw inflows of $2.52 million; Global X, which saw inflows of $2.52 million; and IVC, which saw inflows of in $2.52 million.

Analyst Highlights Increased Bitcoin Movement

Meanwhile, Bitcoin miners’ confidence is gradually declining. According to crypto analyst Ali Martinez, Bitcoin miners sold more than 2,400 BTC in the past week, which is valued at about $220 million.

The post Bitcoin Miners Sell Over $220 Million Worth Of BTC in A Week As Fear Rises - Is A Further Drop To $73K Likely? appeared first on The Crypto Basic.

The post Bitcoin Miners Sell Over $220 Million Worth Of BTC in A Week As Fear Rises - Is A Further Drop To $73K Likely? appeared first on The Crypto Basic.