The cryptocurrency market has witnessed significant losses in the last 24 hours, with major coins falling as much as 10% amid renewed selling pressure.
Crypto Market Sees Liquidation of $400 Million
The decline, driven by the strengthening dollar, resulted in the liquidation of bullish positions worth over $400 million.
Flagship cryptocurrency Bitcoin (BTC) fell 5%, paring last week's gains. Similarly, other leading altcoins such as Ethereum (ETH), ADA, and BNB experienced similar losses.
SOL is down 7% to trade at $181 after briefly reaching $200 on Monday, while Dogecoin (DOGE) is down more than 10%.
BCH also fell 10%, indicating profit-taking after a significant 40% rally last week, driven by expectations for the network's planned halving event on April 4.
Analysts at crypto exchange Bitfinex suggested that long-term investors who predicted Bitcoin would consolidate in a range in the near term have shed their holdings in recent days.
Analysts noted strategic profit-taking among Long-Term Holders (LTHs) who have held BTC for more than 155 days, albeit on a relatively smaller scale compared to previous bull market peaks.
Commenting on Bitcoin's price dynamics, FxPro senior market analyst Alex Kuptsikevich highlighted resistance at the $71,000 level, coinciding with cautious market sentiment towards riskier assets.
*This is not investment advice.
