• Bitcoin (BTC) price dips, leading to significant trader liquidations.
• This decrease coincides with the upcoming Bitcoin halving event.
• Analysts suggest volatility may be a recurring pre-halving trend.
• Bitcoin (BTC) experienced a notable decline today, following a promising rally the day before. As of the time of writing, it’s trading at $63,118, marking a 3.9% decrease within the last 24 hours.

  This sudden decrease has taken many investors and traders by surprise. The crypto market is closely monitoring the situation’s development.

  Is Bitcoin’s Recent Dip a Pre-Halving Jitter?

  The volatility resulted in significant trader liquidations. Over the last day alone, market volatility has led to the liquidation of positions held by more than 96,000 traders, totaling a substantial $276.17 million.

  This total includes $202.35 million from long positions and $73.82 million from short positions, according to CoinGlass data.

Additionally, the Bitcoin Fear and Greed Index has decreased, shifting from a ‘Greed’ level of 74 down to 65.

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This recent fluctuation aligns with a broader market correction following geopolitically fueled dips last weekend. However, news of spot Bitcoin and Ethereum ETF approval in Hong Kong boosted the market, briefly propelling Bitcoin back above $66,000.

Interestingly, Bitcoin’s current volatility coincides with the upcoming halving event anticipated on April 20, 2024. The halving will reduce the reward for mining new Bitcoin blocks by half, an event with historical implications for the cryptocurrency’s price action.

Crypto analyst Rekt Capital observes a recurring pattern in Bitcoin’s behavior leading to halvings. Dubbed the “Pre-Halving Retrace,” this pattern suggests a temporary pullback before potential price surges. Rekt Capital emphasizes that this cyclical behavior is consistent across previous Bitcoin cycles.

“[Pre-Halving Retrace] has been the case across all Bitcoin cycles. This time is no different,” Rekt Capital wrote on his X (formerly Twitter).