- Bitcoin fell to $67,000, following declines in gold and the Nasdaq.
- One analyst said the decline was likely triggered by diminishing expectations of a Fed rate cut.
- QCP Capital believes that the broad uptrend will continue as long as demand for spot Bitcoin ETFs persists.
Bitcoin (BTC) price fell to a low of $67,000 during Asian trading hours on Friday, a 7% decline, but has since recovered to around $67,800.
The CoinDesk 20 Index (CD20) fell 6%.According to data from Coinglasslong positions of more than $100 million (approximately 15 billion yen, equivalent to 1 dollar = 150 yen) were liquidated in the past 12 hours, and long positions of $167 million (approximately 25 billion yen) were liquidated in the past 24 hours. Ta.
Assets like gold and Wall Street’s tech index, the Nasdaq, have also come under downward pressure this week.
Some analysts describe BTC’s pullback from all-time highs as a typical bullish gasp after a sharp uptrend.
Greta Yuan, head of research at Hong Kong-based exchange VDX, said, “Recent strong (US) CPI (consumer price index) data is a sign of interest rate cuts from the US Federal Reserve. “Further dampening expectations, the price of gold also plummeted. The spike in Bitcoin prices rose too quickly for the market to price them correctly, so the current correction is to be expected.”
Adrian Wang, founder and CEO of Metalpha, said the market may be adjusting to uncertainty ahead of next month’s halving of mining fees.
“BlackRock’s Bitcoin ETF’s historic trading volume has sparked anxiety in the market, with some participants fearing Bitcoin prices could spike too quickly and suffer a flash crash. Wang told CoinDesk in an email interview. “The price correction indicates that the market is adjusting its expectations for Bitcoin, also taking into account the uncertainty presented by the halving event.”
However, the dip is likely to be short-lived, according to Singapore-based QCP Capital.
In a note published on Telegram on the morning of March 15, QCP Capital said, “As long as daily BTC spot ETF demand remains strong, these short-term net short positions could sustain the uptrend. “It’s very difficult to hit the market hard,” he said, adding that volatility is expected to increase over the weekend as markets prepare for the release of next week’s Federal Open Market Committee (FOMC) minutes. he added.
“QCP is seeing strong demand for year-end BTC $100,000-$150,000 calls,” the note said.
According to prediction market Polymarket, there is a 38% chance that BTC will close above $70,000 by noon Eastern time next Friday, a significant drop from a high of 90% earlier this week. There is.
（Polymarket）
｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text:Bitcoin Tumbles to $67K as Asia Begins Trading Day
2024-03-15 10:35:00
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