The crypto market is down 5% today, leading to the liquidation of over $ 1 billion long positions on major crypto exchanges. Most of the biggest cryptocurrencies have lost over 5% in the past few hours.
The cryptocurrency market cap, which exceeded $ 2 trillion just a few days ago, is now at $ 1.9 trillion. The recent pullback saw Bitcoin drop from the $ 58,000 – $ 60,000 range for a short time to less than $ 56,000. Ethereum, on the other hand, saw its price drop below $ 2,000 after registering a new ATH.
Bitcoin wants to break past consolidation phase
Bitcoin price is in the consolidation phase after touching a new $ 61,683 ATH in the third week of March. The largest cryptocurrency has maintained a similar price pattern since the start of the new year and rose to a new ATH at the beginning of the new year, followed by a period of sharp correction and consolidation that stretched into the next month.
The consolidation period is getting longer with each new ATH and the next price increase is expected to occur in the second half of April compared to the previous price cycle. If Bitcoin manages to pass the consolidation phase, it could set its next target at $ 72,000.
The next phase of the sub season has begun
Along with Bitcoin, many altcoins also recorded new ATHs this bull season, but a pattern was observed in the altcoin surge in which various altcoins rose in phases starting with ETH alternatives $ ADA and $ BNB. While last month’s NFT craze saw many NFT tokens and altcoins touch new ATHs, most of the old altcoins currently XRP, BTG, LTC and a few other tokens have made progress.
Bitcoin’s declining dominance has also played a role in the rising altcoin market, recording a new all-time high for a week in a row.