More than USD 600 million were liquidated with the fall in the price of bitcoin

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Key facts:
  • The sales were triggered by a 7.5% BTC drop in just a few hours.

  • Bitcoin has been fluctuating between USD 67,000 and USD 70,000.

A drop in the price of bitcoin that suddenly took it from USD 72,000 to USD 67,500 caused the sale of USD 661 million in BTC in the market.

Among the 200,000 traders who reacted by liquidating their bitcoins, 80% were positioned upwards. Its sales exceeded USD 525 million. The remaining 20% ​​had downward positions and their sales were more than USD 136 million.

During the writing of this article, bitcoin is around USD 68,000 and in the last 24 hours it has remained between USD 67,700 and USD 70,000.

Bitcoin price chart for the last 24 hours. Source: TradingView

Bitcoin is the leader par excellence of the cryptocurrency market and has a marked influence. To the point that it usually drags the rest with it, whether upwards or downwards. This occasion was no exception.

With the fall of bitcoin, overall cryptocurrency market capitalization down 7.3% after seeing the outflow of more than USD 170 billion.

According to market analyst Pav Hundal, the fall could be the beginning of a correction that takes the price of bitcoin close to USD 60,000. For his part, Galaxy Digital CEO Mike Novograts recently stated that he sees support between USD 50,000 and USD 55,000 and does not believe BTC will go down from there.

Is it over bull run of bitcoin?

Our CriptoNoticias market specialist, Nicolás Antiporovich, clarified doubts in a recent article to those who may be wondering if this fall in bitcoin could mean a stop to the bullish season of this currency.

Antiporovich took the opportunity to point out that “Corrections are common and even healthy”. To this he added that the fundamental factors that drove BTC to reach its all-time high above USD 73,000 are still present: the acquisition of large sums of bitcoin by ETF issuers, the proximity of the halving that will limit the creation of new bitcoins and signs that retail traders are joining institutional investors in their interest in purchasing bitcoin.

However, even though the aforementioned signals may fuel bullish expectations about the price of bitcoin for many. It is important to remember that this is a fairly volatile market and that this bull cycle, in particular, has seen unusual events. Like the two ATH (all-time high price) mark before the next halving occurs.

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