Liquidations Exceed $200 Million as Bitcoin Falls Below $64K

Bitcoin’s price reached above $66,000 for a brief period and even attempted to surpass $67,000 on multiple occasions without success. This led to increased pain for bulls and over-leveraged traders holding long positions, as the total liquidations exceeded $200 million in a single day.

Altcoins also played a significant role in the decline, with many experiencing even larger losses compared to bitcoin.

Last week was particularly challenging for the primary cryptocurrency, as it dropped below $60,000 twice due to escalating tensions between Iran and Israel.

Following Iran’s decision not to retaliate, at least for the time being, bitcoin’s price recovered and rose to around $65,000 after the fourth halving event.

Despite initially increasing to over $67,000, selling pressure from bears caused a reversal in bitcoin’s price trajectory.

In a short period, the asset fell to $64,500 before dropping further to a multi-day low of under $63,600. While it has recovered slightly since then, BTC remains below $64,000.

Other cryptocurrencies such as Solana (-7%), Toncoin (-7%), Dogecoin (-7%), Avalanche (-10%), Shiba Inu (-8%), have also experienced significant declines.

The past day has seen almost 100,000 traders facing liquidation, mostly those with long positions, with the daily total liquidation value exceeding $210 million on CoinGlass.

24-hour Liquidation Heat Map. Source: CoinGlass

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