Bitcoin Dips to $71,000 Triggering Major Liquidation Wave

Short positions incur losses exceeding $63 million as Bitcoin reaches an intraday high of $72,700. Within the last day alone, liquidation has resulted in losses totaling $171.57 million for 51,087 traders.

Azcnews (1)

Over the past 24 hours, Bitcoin has undergone a notable comeback, taking the price above the $72k threshold after struggling recently. BTC initially dipped below $65K on April 3, but has seen impressive growth of over 10%, bringing the price back above $72k in the past 24 hours. However, the price has adjusted to $71,000 at the current moment.

Bitcoin’s joy only lasted a short time when the price temporarily fell below the threshold of 70 thousand USD, only remaining at 68 thousand USD afterwards. Meanwhile, short-selling traders quickly took advantage of this opportunity to open positions, betting on the price of BTC to fall.

Ali Martinez, one of the famous market watchers, highlighted this trend in a recent update. Martinez emphasized that there is a risk of major capital loss if Bitcoin quickly recovers from its price drop.

Data from derivatives market tracking platform Coinglass shows that nearly $72 million will be liquidated from Bitcoin traders if the asset price recovers to $70,875. At press time, BTC’s price hovered around $69,205, up just 2.4% from the recovery to $70,875. One user commented that Bitcoin sellers face great pressure given the significant amount of money they can lose, due to the proximity to their liquidation point.

Bitcoin has been on a steady uptrend to an intraday high of $72,700 at press time. Short Bitcoin operations are facing the risk of losses as the asset remains stable around the $72k area.

Related: Bitcoin Rebounds to $71,000, Gearing Up for an Explosive Price Surge

Furthermore, the latest data from Coinglass shows that in the past 24 hours, 51,087 traders lost $171.57 million in liquidations, with BTC short positions losing more than $63 million. The current liquidation trend among Bitcoin short sellers may persist, as on-chain data shows that Bitcoin bulls prevail, amid inflows into ETFs and the upcoming halving.

0.0/5

Love

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

What Is Dogecoin Azc

Editor Choice | research | Research

What is Dogecoin? Exploring the World of the Memecoin DOGE

Memecoins have become a major trend in the crypto space, with many projects reaching billion-dollar market capitalizations. Dogecoin is considered a pioneering project that kicked off the memecoin craze. So, what is Dogecoin? Let's find out!

What Is A Cold Wallet Azc

Research | Editor Choice | research

What is a Cold Wallet? Top 3 Best Cold Wallets in the Crypto Market

Is a cold wallet an effective tool for storing cryptocurrencies? So, what is a cold wallet? What are some recommended types of hardware wallets to use? Let's find out together!

Azcnews Ctk Soars 100% In One Hour Ahead Of Major Update

News | Altcoin | Editor Choice

CTK Soars 100% in One Hour Ahead of Major Update

The price of the CTK token doubled within an hour ahead of the upcoming Shentu v2.10.0 update.

Azcnews A Major Uk Bank Officially Bans Cryptocurrency Transactions

News | Editor Choice | Policy & Regulations

A Major UK Bank Officially Bans Cryptocurrency Transactions

Starting May 30, the UK digital bank Kroo will prohibit its customers from conducting cryptocurrency transactions.

An Investor Becomes A Millionaire Thanks To Memecoin Shiba Inu

Altcoin | Editor Choice

An Investor Becomes a Millionaire Thanks to Memecoin Shiba Inu

An investor became a millionaire by holding Shiba Inu for 3 years, turning $2,700 into $1.2 million.