Why Bitcoin Price is Crashing? Here Are Top Factors Influencing BTC Price

Bitcoin (BTC) price slipped over four percent in the past 24 hours to retest the support range between $62,000 and $61,000. The flagship coin had stabilized around $63k during the early New York session as long-term holders remained unshaken.

According to on-chain data analysis provided by Santiment, Bitcoin addresses holding between 1k and 10k coins accumulated 80,544 units since March 1. Remarkably, Bitcoin addresses holding between 10k and 100k wallets have accumulated almost 92k units since the beginning of March.

Top Reasons Bitcoin Bears Reigned

BTC Halving Volatility

With about four days to the fourth Bitcoin halving, overall trading volume has increased by over 10 percent to around $46.7 billion. More crypto traders have continued to take shelter in the stablecoins market, with Tether’s USDT supply having increased by over 1 billion in the past 24 hours.

After approaching the apex of a micro consolidation, Bitcoin price has stophunted both long and short traders, thus increasing overall liquidation.

Geopolitical Tensions

Bitcoin price closely followed the major global stock indexes after the Middle East crisis expanded with Iran’s drone and missile attack on Israel. Investors have opted to watch from the sidelines and watch as the geopolitical crisis unfolds.

Already, the situation had been worsened by the ongoing Russia vs Ukraine war.

What Next for BTC Price ?

Let’s keep it simple and only focus on support and resistance!

By the looks of it, #Bitcoin has been consolidating in a parallel channel, which makes $61,000 the most important support level and $72,400 the most important resistance level.

If $BTC breaks below support, it could… pic.twitter.com/ae5M2g9CX2

— Ali (@ali_charts) April 16, 2024

According to a popular crypto analyst, Ali Martinez, Bitcoin price has been consolidating on a channel between $61,000 and $72,400 in the past few weeks. As a result, the crypto analyst noted that a breakout on either side could result in a significant move.

On the upper side, the crypto analyst expects Bitcoin price to reach the range between $79k and $86k. On the lower side, the crypto analyst believes Bitcoin price will find a solid support level between $51,600 and $56,200.

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