The global cryptocurrency market has recently experienced a bearish trend following a new all-time high reached by the leading cryptocurrency.
CoinGecko data reveals that the total market cap of cryptocurrencies has dropped by more than $450 billion since March 13, currently standing at $2.44 trillion. This decline follows Bitcoin (BTC) reaching a new all-time high of $73,750 on March 14, with a market cap of $1.45 trillion. Bitcoin has since seen a 16% decrease and is now trading at $61,780.
Recent data from Santiment shows that Bitcoin’s Relative Strength Index (RSI) has decreased significantly since March 14, hovering around the 52 mark. This suggests lower price volatility for Bitcoin, indicating that significant price fluctuations may be unlikely in the near future.
Investors are now exploring buying opportunities during this market downturn, with terms like “dip” and “buy the dip” trending on Santiment. The increase in BTC exchange inflow from 39,731 to 59,101 coins in the past 24 hours suggests that some investors may be aiming to profit from short-term price surges.
Bitcoin’s drop below the $70,000 mark has raised concerns among traditional investors, as this recent price dip marks the largest market-wide pullback since the beginning of the year. This development has sparked interest from Japan’s largest pension fund, which is reportedly considering Bitcoin investments.