Bitcoin’s price seemingly moves without rhyme or rhythm. As a result, day-to-day, no one has been able to accurately predict the movements of the cryptocurrency, accentuated by the fact that some $1 billion+ worth of long positions (and short positions) were liquidated on BitMEX and other trading platforms during March 12th’s flash crash to $3,700.
This weakness simply marks an extension of that which was first incurred when the crypto lost the explosive momentum that pushed it to highs of just under $4.00 in early-2018, with its rise to this level being closely followed by an unprecedented decline.