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Bitcoin’s [BTC] price struggles continue as analysts warn of further drop

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Following the sharp decline in Bitcoin’s [BTC] price in the early trading hours of 3 March, long liquidations soared to a seven-month high, data from Coinglass showed.

The drop in value was triggered by apprehension and uncertainty regarding Silvergate Capital , a financial institution recognized for its supportive attitude toward digital currencies.Source: Coinglass According to CryptoQuant analyst caueconomy, these long liquidations were the third such event since the Terra/LUNA crash in May 2022 and the second following the fallout of cryptocurrency FTX in November 2022.Is your portfolio green?

Check out the Bitcoin Profit Calculator The pseudonymous analyst found further that the sharp decline in the market was caused by a massive spot sale on most exchanges, particularly on Binance, where many buyers had positioned contracts.Source: CryptoQuant With BTC struggling to reclaim the $25,000 price mark, another CryptoQuant analyst with the pseudonym CryptoOnchain has opined that the king coin’s price might drop further.

According to CryptoOnchain, while short-term holders have been buying BTC, long-term holders have not supported the recent price rise.

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