BTC’s Price Experienced Biggest Hourly Drop in 4 Months

The global crypto market cap has plummeted 3.82% over the last 24 hours according to CoinMarketCap. As a result, the total crypto market cap stands at $1.03 trillion at press time.

The crypto market leader, Bitcoin (BTC), fell victim to the crypto market selloff that took place over the last 24 hours. At press time, the price of BTC is down 4.25% and stands at $22,411.86. This 24-hour drop in price has added to BTC’s negative weekly price performance which now stands at -6.28%.

The crypto analytics platform, Santiment, tweeted today that it has been 4 months since BTC’s price has dropped 5% or more in a single hour. The platform added in its tweet that BTC’s price broke this streak between 1 am to 2 am this morning UTC.

? It’s been 4 months since #Bitcoin dropped 5% or more in a single hour. But as of an hour ago (1am-2am UTC), we saw this streak get broken. A quick recovery will be dependent on how much worry the crowd shows, allowing whales to scoop weak-handed coins. https://t.co/rDqnHuU8y7 pic.twitter.com/D0L5FNsN9o

— Santiment (@santimentfeed) March 3, 2023

Santiment’s tweet concluded that BTC’s recovery will be dependent on how much worry the crypto market crowd shows in the next few hours. The renowned crypto trader, Michael van de Poppe (@CryptoMichNL), also tweeted regarding the crypto market leader this morning.

In his tweet, van de Poppe stated that BTC’s recent 24-hour price drop is the exact reason that he was waiting for “longs to be bought on Bitcoin,” and that he wanted to see a clear break of $23.8k before he went long on BTC.

The popular crypto trader concluded the tweet by saying that BTC’s price dropped to his trade entry area of around $22.3k, which it has “hit and filled” over the last 24 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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