Key facts: Bitcoin at $70,900; $132.79M in liquidations reported; 31,900 BTC withdrawn
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Bitcoin is trading at $70,900 after recovering from $63,000 but struggles to hold above $70,000. Analysts warn that without breaking $74,000, it may drop to $61,000.
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Bitcoin (BTCUSD) faced heavy selling in the last 24 hours, with $132.79 million in liquidations in the crypto derivatives market, indicating forced selling among leveraged traders.
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On March 4, about 31,900 BTC worth $3 billion was withdrawn from exchanges, totaling 47,700 BTC in a week, indicating a trend of negative netflows as investors store Bitcoin long-term.
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