Bitcoin price crashed from $70,000 to $67,000, wiping out hundreds of millions in liquidations.
Despite the crashes, Bitcoin's value is still triple what it was in the last six months.
Analysts are unsure how the upcoming halving will affect Bitcoin's price.
Crucial levels to watch are $67,000 (support) and $71,000 (resistance).
Bitcoin might see a new all-time high before the halving according to Michael van de Poppe.
Bitcoin surprised investors on Tuesday, with a flash crash from around $70,000 to as low as $67,000 in a -5% liquidation wave, as shown by CoinMarketCap.
Bitcoin’s price action
Hundreds of millions of dollars have been wiped off the slate due to liquidations, and the crypto market in general is a sea of red.
However, despite the flash crashes and the short-term bearishness, Bitcoin has still seen its value triple over the last six months, marked by a series of highs and lows, before a final all-time high of around $73,000 in March.
Now that Bitcoin is struggling around $67,000, we would all like to know—Where to from here?
March was mostly earmarked by Bitcoin’s consolidation, and its attempt to rebound and maintain its position above the $70,000 zone.
April on the other hand is the month of the incoming halving, and investors are unsure about how to feel about it.
According to recent insights from Michaël van de Poppe, a top analyst in the crypto space, there may be a few crucial points to keep an eye out for with Bitcoin.
Bitcoin calmly consolidating
In a tweet, the analyst opined that Bitcoin is “calmly consolidating”, and that the crucial levels to watch are the $67,000 (where Bitcoin currently is) and the $71,000 zone.
The analyst emphasized that a fall below the $67,000 zone might be the warning sign of a much larger crash, while a break above $71,700.
However, through it all, we might even see a new all-time high on Bitcoin before the halving hits.
According to data from Coinglass, the recent flash crash on Bitcoin has resulted in around $432 million in liquidations across the board In the crypto market.
On Bitcoin in particular, we are looking at a massive $135 million in liquidations, with around $92 million from the bulls and $48 million from the bears.
Liquidations in the market
Around the same time as the crash on Bitcoin, we currently have the spot Bitcoin ETFs in the middle of $86 million outflows, which comes in contrast to the last four days of positive inflows, according to data from FarSide.
Of all the 11 Bitcoin ETFs, BlackRock’s BITB stood as the best performing with inflows of around $165.9 million, with Fidelity trailing behind with around $44 million.
Bitcoin's price performance
Overall, according to the charts, Bitcoin’s freefall remains apparent, with even the $66,000 support threatening to give way to a larger decline to around $60,000 or even lower.
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