In an unexpected twist, Bitcoin has dropped to around $67,000, sending shockwaves through the cryptocurrency market. Bitcoin is trading at approximately $67,912, dropping 2.8% in 24 hours. This rapid decline has surprised many investors and traders, sparking a wave of sell-offs and liquidations.
Bitcoin’s liquidations stand at $31.20 million which liquidated $24.65 million Longs and $6.55 million Shorts in the past 1 day.
The total liquidations have neared $170 million across major exchanges, making this one of the most turbulent times for Bitcoin in recent months. In the past 24 hours, a total of $146.01 million Longs got liquidated while $23.34 million Shorts were liquidated.
In the last 24 hours, 75,342 traders faced liquidations. The largest single liquidation order occurred on Binance, involving ETHUSDT and amounting to $6.60 million.
In light of Bitcoin’s recent plunge from $70,000 to around $67,000, the crypto market is experiencing significant turbulence. Expert analysis suggests that though $67,000 being the strong support for Bitcoin, if it fails to maintain support, it can create chaos in the crypto market. Bitcoin may continue to decline, potentially reaching the $60,000 mark.
This scenario would be alarming for the market, increasing the wave of sell-offs, which will create more liquidations and in the end result in a price decline. Traders should prepare for heightened volatility, with potential downward pressure driven by panic selling and market sentiment.
However, some analysts believe that strong institutional interest and long-term adoption may eventually stabilize Bitcoin.
Will Bitcoin manage to hold above the $67,000 support level, or is it poised to drop further towards $60,000? How will the broader cryptocurrency market respond to this volatility?
Also Read: Bitcoin & Ethereum Balances Hit 4-Year Lows Pre-July 2020
