OnChainCollege: Bitcoin pullback during an upward rally is a natural phenomenon
On Friday, March 15, the price of the flagship cryptocurrency dropped to the previous two-year high, and at the moment sank below $66,000, which led to speculation about a possible rebound of Bitcoin to the price values of early March.
However, according to OnChainCollege, a decline in asset values during an upward rally is a natural phenomenon:
“It’s okay if the price of Bitcoin fell by 10%, since during a bull run periodic corrections can reach 30%. As a rule, the decline in value occurs after a strong movement towards historical highs, when more than 95% of the supply is in the unrealized profit zone.”
According to CoinGlass, over the past 24 hours, traders on major centralized exchanges suffered losses of more than $810 million. 246,416 long positions were forced closed for $667 million, and the volume of short positions liquidated reached $143 million.
