Posted 3/8/2024, 8:35:44 PM
Bitcoin Hits $70K Milestone But Quickly Retreats - Future Direction Uncertain Amid Liquidity Fears
- Bitcoin briefly hit $70k before quickly dropping 5% to $66.6k; over $240M in leveraged positions liquidated
- Sell orders around $70k on exchanges created resistance, contributing to price correction
- Analysts disagree on future direction - uncertainty about liquidity removal and economic data impact
- Potential for further Bitcoin price correction, opportunities for altcoins amid BTC consolidation
- Counterargument that rapid sell-offs could just be "test pumps" rather than bearish signal
