Crypto market sell pressure was relentless on Tuesday, with Bitcoin’s price drifting as low as $61,000, triggering more than $1 billion in liquidations across the crypto market.
- Data from Coinglass shows that $1.17 billion in liquidations have occurred over the past 24 hours, including $876 million of long trades and $292 million of shorts.
- This follows Bitcoin’s brief and narrow reclaim of its all-time high on Tuesday morning, rising to $69,200 before the market dumped.
- Over 313,000 traders have been liquidated over the past day. The largest single liquidation occurred on a LINK/USD trade on Bitmex valued at $11 million.
- Popular Bitcoin veterans on Twitter say the pullback is largely healthy and expected after claiming historic highs. “Large sellers use the anticipation of the moment to dump into a high liquidity moment,” wrote Vijay Boyapati, author of The Bullish Case for Bitcoin, in a post to X.
- Bitcoin trades for over $62,400 at writing time.
Bitcoin just corrected from over $69,000 back to just under $65,000. This is very healthy price action. As I said before, this is the easy part of the cycle. Every dip should be bought. It has been wonderful sharing this journey with you and I’ll see you all in 2025. Ciao.
— Mike Alfred (@mikealfred) March 5, 2024
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