Bitcoin continues to fall in price.

The world's largest cryptocurrency has broken below the $65,000 mark, its lowest level since the beginning of the month, fluctuating for the third consecutive day after a period of rapid growth.

Since March 15th, the market price of Bitcoin has been trending downwards. After falling below the $70,000 mark, the cryptocurrency has continuously dropped in value. By around 2 PM today, Bitcoin had fallen below $65,000 per unit, its lowest price in the past 11 days. At one point, the currency retreated close to $64,500.

Bitcoin's price has plummeted after just one week of active trading. During the week, the price reached an all-time high of $73,750 on March 14th. However, the current price is still nearly 60% higher than at the beginning of the year.

While many experts dismiss the argument that Bitcoin is undergoing a price correction, the data analytics platform Cryptorank maintains that the prolonged price drop is causing greater damage to the market, spreading to altcoins as well.

This is evidenced by the fact that over 151,000 people have liquidated their digital assets in the past 24 hours. In total, over $426 million worth of assets have been liquidated, with Bitcoin being the most significant.

The sharp drop in the price of the world's largest cryptocurrency also affected Ether, with nearly $48 million worth of shares being liquidated. The coin is also losing more than 7% of its market value. Altcoins like Binance Coin fell 9%, while Solana and XRP both dropped nearly 7%.

Liquidation occurs when an exchange closes a leveraged position, due to the loss of part or all of the margin if the investor does not have enough funds to cover the loss on that position. Large liquidation events often mark local peaks or troughs in asset prices.

The analytics firm Swissblock recently stated that Bitcoin may undergo a short-term correction. "Nothing rises in a straight line, including Bitcoin. A correction seems imminent," the firm commented.

Matrixport, a cryptocurrency investment services company, also noted that the upward momentum is "running out of fuel" and predicted a period of divergence. The market still has room to rise, but technical indicators are overbought and Bitcoin prices are high. These factors suggest the market needs consolidation before a renewed rally.

Despite a cooling in market price, many analysts expect a recovery for Bitcoin soon. Among the catalysts, spot Bitcoin ETFs remain a key player with stable capital inflows. Cryptorank says this is why the current price correction isn't too drastic. According to Mike Novogratz, founder of Galaxy Digital, with continued demand from ETFs, Bitcoin's valuation will remain high, and there's little chance it will fall below $50,000.

The halving event, which reduces miners' rewards by half, will also stimulate demand, while supply may further tighten. Bitcoin has increased in price during the three previous halvings, most recently in 2020.

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