Bitcoin's Plunge to $65K Triggers $1.8 Billion in Liquidations
Bitcoin's crash to $65K triggers $1.8B in crypto liquidations
Cointelegraph
Image: Cointelegraph
Bitcoin's recent drop to $65,000 has led to over $1.8 billion in liquidations across the crypto market, with significant losses in long positions. Traders are now focusing on the $60,000 support level to avoid further declines, driven by geopolitical tensions and market volatility.
- 01Bitcoin's price fell 8% to $65,360, marking a nine-week low and triggering $774 million in long liquidations.
- 02Total crypto liquidations reached $1.83 billion, the largest since February 6, when Bitcoin fell below $60,000.
- 03Analysts indicate that Bitcoin must hold the $60,000 level to prevent a deeper price correction.
- 04Bitcoin supply on Binance has risen to a three-month high of 659,000 BTC, potentially increasing selling pressure.
- 05The market is experiencing heightened volatility due to increased inflows and extreme fear among traders.
Advertisement
In-Article Ad
Bitcoin's recent decline to $65,000 has resulted in over $1.8 billion in liquidations across the cryptocurrency market, primarily affecting long positions. This drop represents an 8% decrease from a recent high of $71,300 as geopolitical tensions, particularly regarding the US-Iran conflict, influence market sentiment. The total liquidations included $774 million in Bitcoin and $440 million in Ether, marking the largest liquidation event since early February. Analysts warn that Bitcoin must maintain the $60,000 support level to avoid a significant downturn. Currently, Bitcoin's supply on Binance has surged to a three-month high, which could exacerbate market volatility. As traders assess potential support levels, there is a consensus that aggressive defense of the $60,000 mark is crucial for maintaining market stability and preventing further declines.
Advertisement
In-Article Ad
The significant liquidations and price drop may affect retail investors and traders heavily invested in Bitcoin.
Advertisement
In-Article Ad
Reader Poll
What do you think will happen to Bitcoin's price next?
Connecting to poll...
Read the original article
Visit the source for the complete story.