Bitcoin Slumps 30% as Selling Pressure Mounts

Monday 17th of March 2025 21:00:00

Bitcoin's 30% Retracement: Selling Pressure Hits Bitfinex

Bitcoin's price has taken a significant hit, plummeting by nearly 30% in the past 24 hours, according to data from Bitfinex. The sudden and sharp decline has sparked concerns among traders and investors, with many wondering if the cryptocurrency's recent surge was just a fleeting phenomenon.

The sell-off began on Tuesday, with Bitcoin's price dropping from around $11,400 to a low of $8,000 in a matter of hours. The sudden and intense selling pressure has been attributed to a combination of factors, including profit-taking, market volatility, and concerns about the cryptocurrency's long-term sustainability.

"This is a classic retracement, and it's not entirely unexpected given the recent rally," said David Schwartz, a cryptocurrency analyst. "However, the speed and intensity of the sell-off are certainly concerning, and it's possible that we could see further declines in the short term."

The sell-off has had a ripple effect across the broader cryptocurrency market, with many other major cryptocurrencies experiencing significant declines. Ethereum, for example, has dropped by nearly 20% in the past 24 hours, while Litecoin has fallen by around 15%.

Despite the recent volatility, many traders and investors remain optimistic about Bitcoin's long-term prospects. The cryptocurrency has a history of experiencing sharp retracements before rebounding and continuing its upward trend.

"This is just a normal correction, and I wouldn't be surprised to see Bitcoin bounce back and continue its upward momentum," said Alex Kruger, a cryptocurrency trader. "The fundamentals are still strong, and I think we'll see a return to form in the near future."

As the cryptocurrency market continues to experience volatility, many traders and investors are keeping a close eye on the price action, waiting for signs of a potential bottom or a reversal of the current trend. For now, it remains to be seen how far Bitcoin's price will fall and when it will begin to recover.