Bitcoin drops 3.5% and wipes out early gains

5:34 PM 5 March 2024

Following Bitcoin's sharp breakout above the historic $69,000 barrier, the popular cryptocurrency has initiated a deeper downward correction. At the moment, BTC is trading at USD 65,500, thus losing nearly $3,500 in the space of 1.5h. Declines have also been observed on smaller cryptocurrencies, the so-called Altcoins.

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The pullback in the cryptocurrency market started after Bitcoin pierced the ATH. Source: xStation

Bitcoin digesting early gains. Source: xStation

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