{"id":260133,"date":"2024-03-06T19:44:55","date_gmt":"2024-03-06T14:14:55","guid":{"rendered":"https:\/\/dripp.zone\/news\/will-fed-chair-powells-congress-testimony-impact-btcs-12-bounce-back-crypto-news\/"},"modified":"2024-03-06T19:44:58","modified_gmt":"2024-03-06T14:14:58","slug":"will-fed-chair-powells-congress-testimony-impact-btcs-12-bounce-back-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/will-fed-chair-powells-congress-testimony-impact-btcs-12-bounce-back-crypto-news\/","title":{"rendered":"Will Fed Chair Powell\u2019s Congress Testimony Impact BTC\u2019s 12% Bounce Back? – Crypto News"},"content":{"rendered":"

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Bitcoin price prediction: BTC made a shocking move on Tuesday, first breaking out to a new all-time high of $69,170 and flash falling below $60,000 moments after to $59,323, according to\u00a0CoinMarketCap<\/span><\/a>\u00a0data.<\/p>\n

The sudden plunge tipped off massive liquidations, exceeding $1 billion. As\u00a0Coinglass<\/span><\/a>\u00a0data shows, liquidations in BTC accounted for approximately $800 million of the total. Moreover, the majority of the liquidations comprised longs, implying that leveraged bulls suffered immense losses.<\/p>\n

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What Triggered The Sell-Off?<\/h2>\n

According to some market watchers\u2019 reports, profit-taking and miners offloading their wallets added significantly to the volatility, resulting in the flash drop. A glance at the Miner\u2019s Outflow (Total) trends by CryptoQuant revealed a sudden spike in selling activities, especially from BTC miners.<\/p>\n

The chart below shows the Miners\u2019 Outflow exploding to 39,000 on March 1 and 36,000 BTC on March 5. During this period, miners transferred a colossal amount of BTC to exchanges, anticipating to sell at or near the previous all-time high.<\/p>\n