Bitcoin (BTC) Market News Today: Notable Drop Below Crucial Price Levels Raises Concerns Among Traders and Analysts

Graduated from Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019

Bitcoin (BTC) price slipped below the crucial $64,000 mark on March 14, with the crypto asset hitting an intraday low of $63,770. This marks a 3.4% drop in 24 hours.

The drop comes amid concerns over the Mt. Gox repayments, which are now underway. However, according to crypto analytic firm CryptoQuant, trading volumes onKraken remained normal, which would rule out this hypothesis.

This price drop could be linked to traders using high leverage to buy the dip, which has created a $30 million liquidation zone at around the $63,800 threshold. If BTC price falls below this level, it could trigger a massive sell-off, amplifying the downward pressure.

Some market participants are spotting buying opportunities in this situation. An on-chain analysis account revealed that an “intelligent whale” recently bought 244 BTC, valued at $16 million. In total, this whale has acquired 921 BTC, amounting to $60.6 million, at an average price of $65,821 per BTC.

Meanwhile, a technical analyst highlights that BTC still has a key support at $63,350, as it remains above the 200-period exponential moving average (EMA) on the hourly chart. This support could indicate a potential recovery, although market sentiment plays a crucial role in determining the next price moves.

This price drop could have several implications. If BTC price breaks below critical support levels, it is likely to drop towards the next support at $60,300. Conversely, if bitcoin price manages to stay above these levels, investor confidence could return, aiding in a price recovery.

Investors should monitor technical indicators and market news closely to navigate this uncertain period. The crypto market is known for its volatility and the impact of market sentiment on price movements.

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