After experiencing a strong rebound over the past few days, the leading cryptocurrency has once again lost momentum, with prices dropping below $70,000.
Numerous analysts warn that the market remains dominated by bears, with expectations of a more significant price decline in the future.
Where is the bottom?
These comments are not favorable for the cryptocurrency market, as the total market capitalization has slid below $2.5 trillion once again. Bitcoin's valuation briefly dropped to $69,500 and is currently struggling to maintain above this level.
Bullish Scenario
It is worth noting that the amount of coins on cryptocurrency exchanges is also gradually decreasing. Today (March 19), this figure has fallen to approximately 2.723 million, marking a six-year low. This indicates that many investors continue to abandon centralized platforms, transferring their assets to self-custody, thereby alleviating immediate selling pressure.
