Post Why Is Bitcoin Price Crashing? The post Key Factors Affecting BTC Price appeared first on Coinpedia.
Bitcoin (BTC) price has fallen more than 4% over the past 24 hours, retesting the support range between $62,000 and $61,000. The flagship coin stabilized around $63,000 early in the New York session, with long-term holders holding steady.
According to on-chain data analysis provided by Santiment, since March 1, Bitcoin addresses holding between 1,000 and 10,000 coins have accumulated to 80,544 units. Amazingly, Bitcoin addresses with wallets between 10,000 and 100,000 have accumulated nearly 92,000 units since early March.
Key Reasons Bitcoin Bears Reign
BTC Halving Volatility
With the fourth Bitcoin halving just four days away, overall trading volume increased by more than 10% to approximately $46.7 billion. With Tether's USDT supply increasing by over 1 billion in the last 24 hours, more cryptocurrency traders continue to seek refuge in the stablecoin market.
After reaching the peak of minor consolidation, Bitcoin price hunted both long and short traders, increasing overall liquidation.
geopolitical tensions
Bitcoin price has closely followed major global stock indices since the Middle East crisis escalated with Iran's drone and missile attacks on Israel. Investors have chosen to sit on the sidelines and watch the geopolitical crisis unfold.
The situation worsened as the Russian-Ukrainian war was already underway.
What’s next for BTC price?
According to renowned cryptocurrency analyst Ali Martinez, the Bitcoin price has been consolidating in a channel between $61,000 and $72,400 over the past few weeks. As a result, the cryptocurrency analyst noted that a breakout on either side could lead to significant moves.
Cryptocurrency analysts expect the Bitcoin price to range between $79,000 and $86,000. Crypto analysts believe that Bitcoin price will find solid support levels between $51,600 and $56,200.