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🚨According to Coinglass data, $454 million worth of liquidations took place in futures transactions in the last 24 hours.

•88% of these ($402 million) are long positions.
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Selling Pressure Continues on the Bitcoin Front.

According to CoinGecko data, #Bitcoin has been selling slowly since then, dropping below $57,000 on May 1. At the time of writing, Bitcoin is trading at $57,362, down nearly 7% in the last 24 hours and more than 17% in the last 30 days.

The drop in Bitcoin price after the #halving may have surprised someone who expected Bitcoin to start rising after the halving in line with some of the previous halving-related cycles. As previously mentioned, Bitcoin halving events have historically been associated with post-halving rallies and typically occur over a period of about a year or more. For example, Bitcoin increased by nearly 3,000% in the 17 months following the halving event in 2016 and reached a $20,000 milestone in December 2017.

However, the ongoing cycle was very different from the past in terms of Bitcoin halving characteristics. One of these differences was that Bitcoin experienced an extraordinary bull run before the fourth halving event and reached an all-time high just before the halving event. Such a price trajectory has never been seen before in #Bitcoin history.

Mati Greenspan, founder of Quantum Economics, said in his statement on the subject that even if we take this latest withdrawal into consideration, Bitcoin has still increased by 35% since the beginning of the year. Greenspan stated that the current decline in Bitcoin price was somewhat expected in the context of the decline in the stock market and economic conditions, stating:
“Given the expectation of another Fed pivot and what is happening in the stock market, Bitcoin's current price action is no surprise. But we will be smarter about it later today.”
Some crypto analysts had previously predicted that Bitcoin would fall after the fourth halving event. In March 2024, Bitcoin analysts from JPMorgan predicted that Bitcoin could fall to $42,000 after the halving event