- The cryptocurrency market underwent a significant correction on March 15th seeing coins like Bitcoin (BTC), Ethereum (ETH), and Ripple’s XRP (XRP) seeing price drops.
- Despite the correction, some positive signals in Bitcoin futures suggest a potential rebound for the market.
The cryptocurrency market witnessed a significant correction on March 15th, with leading assets like Bitcoin (BTC), Ethereum (ETH), and Ripple’s XRP (XRP) experiencing notable price drops.
Bitcoin Tumbles with Bearish Signals:
- Price Slump: Bitcoin’s price dropped by nearly 10% within 24 hours, reaching a low of $67,000 before a slight rebound.
- Surge in Long Liquidations: The sharp price decline triggered over $90 million in long position liquidations within the Bitcoin futures market, indicating forced selling due to insufficient funds.
- Trading Volume Spike: Despite the price drop, Bitcoin’s trading volume witnessed a 55% increase, suggesting a rise in selling pressure amidst high market activity.
- Mixed Signals: While open interest in Bitcoin futures contracts rose by 2%, indicating continued investor belief in a future price surge, positive funding rates further suggest this sentiment.
Also Read: Bitcoin Plunges 7%: Mass Liquidations and Drying Up of ETF Inflows Signal Bearish Shift
Ethereum Feels the Heat:
- Price Decline: Ethereum followed the broader market trend, dropping by 7% in the past day.
- Technical Indicators Point South:
- MACD Crossover: A bearish signal emerged with the MACD indicator’s signal line crossing above the MACD line, suggesting a potential shift towards a downtrend.
- RSI Downtrend: The Relative Strength Index (RSI) dipped below the center line, indicating a decline in ETH accumulation.
- Falling OBV: A decrease in on-balance volume (OBV) confirms the rising selling pressure.
- Increased Exchange Activity: A 1% rise in exchange reserves signifies a potential increase in profit-taking activity.
XRP Faces Volatile Future:
- Price Drop: XRP’s value decreased by 6% within 24 hours.
- Volatility Markers Hint at Further Decline:
- Widening Bollinger Bands: The gap between the upper and lower bands suggests heightened market volatility.
- Negative Weighted Sentiment: A negative sentiment score indicates a strong possibility of a downward price movement.
- Rising Average True Range (ATR): An increase in ATR confirms the surge in market volatility.
Overall, the crypto market experienced a correction, with major currencies like Bitcoin, Ethereum, and XRP facing downward pressures. While technical indicators suggest a potential continuation of the downtrend, some positive signals in Bitcoin futures hint at a possible comeback.