Bitcoin (BTC) bounced from $76,606 on March 11, but the bulls could not sustain the price above $84,500 on March 12.
Nansen principal research analyst Aurelie Barthere told Cointelegraph that Bitcoin is in a macro correction in a bull market, with the next crucial level being “$71,000-$72,000, top of the pre-election trading range.”
Glassnode also projected a similar target in its March 11 market report. The onchain analytics firm said the recent sell-off had been triggered by the short-term holders who may have purchased near the peak in January. Glassnode added that Bitcoin could bottom out near $70,000 if selling persists.
Crypto market data daily view. Source: Coin360
It is not only the crypto markets; even the US stock market has been under pressure in the past few days. However, a silver lining