• The Bitcoin price experienced a drastic downward movement in the early morning hours of March 3, causing it to drop to around $22,000 in a very short time.
• Over $62 million in long BTC positions were liquidated in a matter of hours.
• Analysts see both positives and negatives that can affect price. Investors should therefore follow developments closely and adjust their investment decisions accordingly.

Overview of Recent Developments

The Bitcoin price experienced a drastic downward movement in the early morning hours of March 3, causing it to drop to around $22,000 in a very short time. This confirmed one forecast in particular: namely the forecast that the Bitcoin course was about to make a directional decision. The cryptocurrency has trended about 4 percent weaker over the past 24 hours of trading, marking the biggest bitcoin sell-off so far this year. Over $62 million in long BTC positions were liquidated in a matter of hours. This was the third liquidation cascade within the last 12 months: after the Terra crash and the FTX bankruptcy in 2022.

Forecasts are Difficult

Forecasts are extremely difficult. Some talk of a clear oversell, which should level off again. On the other hand: Negative funding rates currently give