Crypto Market Sees $1B+ Long Positions Liquidated Amid Falling Price

The crypto market has registered a 5% fall today leading to over $1 billion in long positions getting liquidated across major crypto exchanges. Most of the top-1o cryptocurrencies are bleeding with a loss of over 5% in the past couple of hours.

The crypto market cap that breached the $2 trillion mark just a couple of days ago is currently at $1.9 trillion. The recent pullback saw Bitcoin break out of its $58K-$60K range fell below $56,000 for a short period of time. Ethereum on the other hand also saw its price fall below $2,000 after recording a new ATH

Bitcoin Looking to Break Past Consolidation Phase

Bitcoin price is in a consolidation phase after touching a new ATH of $61,683 in the third week of March. The top cryptocurrency has maintained a similar price pattern since the start of the new year, where it rises to new ATH during the start of the new month followed by a sharp correction and consolidation period that extends into next month.

The consolidation period is getting longer with each new ATH and the next price surge is expected to take place in the second half of April based on the previous price cycle. If Bitcoin manages to break past the consolidation phase it could set its eyes on $72K next.

The Next Phase of Alt-Season Has Started

Along with Bitcoin, many altcoins have also registered new ATHs this bull season, however, a pattern has been observed with altcoin surge where various altcoins have surged in phases starting with ETH alternatives $ADA and $BNB. The NFT craze last month saw many NFT tokens and altcoins touch new ATHs while at present most of the early altcoins such as XRP, BTG, LTC, and a few other forked tokens have shown progress.

The declining dominance of Bitcoin has also played a part in the surging altcoin market, registering a new all-time-high consecutively for a week.