📰 ‼️Why Bitcoin BTC Price Is Falling Suddenly, How Low It Can Go?‼️ #BTC❓ #Btcpricealert

➡️ Bitcoin price started falling and paring earlier gains after new macroeconomic data, signaled that macro factors are key drivers of the Bitcoin price currently. And as PPI, CPI, and Fed Chair Jerome Powell’s speech are due this week, BTC price is likely to remain under pressure and volatile.

The latest pullback in BTC price was a result of US consumer inflation expectations data. The inflation expectations for the year ahead came at 3.3%, the highest since November, from 3% in each of the previous four months. Moreover, the inflation expectations for five-year horizon increased to 2.8% from 2.6%.

CoinGape recently reported University of Michigan consumer sentiment data caused BTC price to tumble below $61,000 as inflation expectations for the year ahead rose to 3.5% and the five-year inflation outlook hit 3.1% from 3.0%.

✅ Crypto Market Saw Over $210 Million Liquidation

➡️ Coinglass data shows more than $212 million were liquidated across the crypto market in the last 24 hours. Among this, $132 million long positions were liquidated and nearly $80 million short positions were liquidated. Most of the liquidation happened in the last hour, which was recorded at over $50 million.

Over 90K traders were liquidated and the largest single liquidation order happened on crypto exchange Binance as someone sold ETH for BTC valued at $3.98 million. This was an interesting move by an investor or a whale.

price fell more than 1% in a few hours to $62,566. The 24-hour low and high are $60,769 and $63,422, respectively. The prices are likely to maintain the weak momentum and fall to support at $62,000.

Popular analyst Ali Martinez predicts a retrace toward $62,000 as Bitcoin is facing rejection by the 200-EMA on the 4-hour chart.

However, BTC will continue its upward trajectory if the candlestick closes above $64,000.