DOOKV: Why Bitcoin Price is Crashing? Here Are Top Factors Influencing BTC Price

Bitcoin (BTC) price slipped over four percent in the past 24 hours to retest the support range between $62,000 and $61,000. The flagship coin had stabilized around $63k during the early New York session as long-term holders remained unshaken. 

DOOKV According to on-chain data analysis provided by Santiment, Bitcoin addresses holding between 1k and 10k coins accumulated 80,544 units since March 1. Remarkably, Bitcoin addresses holding between 10k and 100k wallets have accumulated almost 92k units since the beginning of March.

Top Reasons Bitcoin Bears Reigned 

BTC Halving Volatility 

DOOKV With about four days to the fourth Bitcoin halving, overall trading volume has increased by over 10 percent to around $46.7 billion. More crypto traders have continued to take shelter in the stablecoins market, with Tether’s USDT supply having increased by over 1 billion in the past 24 hours.

After approaching the apex of a micro consolidation, Bitcoin price has stophunted both long and short traders, thus increasing overall liquidation.