Bitcoin Falls After Near-Record Surge, Triggering $287.7M in Liquidations

Bitcoin’s price recently made a significant surge to around $73,000, almost hitting the previous all-time high (ATH), registered back in March.

Despite this surge, the bullish momentum faded and a sharp downturn followed, triggereing liquidations of about $287.7 million over the past day.

Traders with long positions were hit hardest, accounting for $253.17 million in liquidations, while short positions saw $33.5 million liquidated.

Bitcoin led the liquidation stats with $90.94 million, followed by Ethereum with $45.68 million, while other cryptocurrencies combined for $47.07 million.

READ MORE:

Reddit Offloads Majority of Crypto Holdings Amid Declining Ad Revenue

Binance topped the exchanges in liquidations at $121.27 million, with long positions comprising almost 90% of the total. Bybit and OKX came next with $67.32 million and $61.25 million in liquidations, respectively, primarily affecting long positions as well.

At the time of writing, Bitcoin is trading at $69,800, representing a 3.7% price drop in the past 24 hours with $45.9 billion in trading volume.

The 1-day technical analysis from TradingView remains bullish, with the summary pointing to “buy” at 14, moving averages showing “strong buy at 13, and oscillators at “neutral” with 9 signals.

Ethereum also lost around 4.9% of its value during the same period and is currently priced at $2,510 with $21.4 billion in trading volume.

The biggest loser in the past day is Immutable X, losing almost 15% of its value after the project was hit by a Wells Notice from the SEC.

Alexander Stefanov