Today, Bitcoin's price takes a tumble amidst a sudden shift in market sentiment, triggering a flurry of liquidations. Bitcoin experienced a dip to an intraday low of $62,570 on March 22, just ahead of the anticipated Bitcoin halving event.
The bullish momentum that recently propelled BTC to a record high of $73,835 on March 14 now seems to be losing steam, with the price currently sitting 5.6% below the daily open at $65,466.
Compounding the pressure, the U.S. dollar is making a strong comeback. The U.S. Dollar Index (DXY), which gauges the dollar's performance against major global currencies, has surged 1.3% from its March 21 low of 102.79 to its current level of 103.97. This surge follows robust economic data from the United States.