Crypto News – Significant volatility has occurred in the bitcoin market within the past day. When Bitcoin’s value fell below $67,000, it caused a massive liquidation. Both long and short traders lost more than $650 million as a result of this incident.
Nearly $700 Million BTC is Liquidated as the Bitcoin Price Falls to $67K
The price of Bitcoin fell by 8% after hitting a record high of $73,700. But this was not a linear fall. At first, Bitcoin increased in value from $68,500 to $72,400. There were significant short trader liquidations as a result of this rebound phase, which began early on Friday in Asia.
The $657 million liquidation was the outcome of this dramatic decline. According to Coinglass data, 193,100 trades were impacted by this. Because of this, investors continue to have serious concerns about the market’s volatility.
Traders Fear Bitcoin Will Fall Further
Furthermore, the recent decline in Bitcoin’s value from its high has heightened conversations around speculative patterns in cryptocurrencies. Bank of America Corp.’s Chief Investment Strategist, Michael Hartnett, voiced his worries on Bloomberg Television. He speculated that the market might be behaving like a bubble.
Moreover, the fact that BTC has dropped below the crucial support level of $68,600 suggests that losses may still occur. It might even test $65,000 to $66,000, which is the next support. Given its implications for future price swings, market investors are alarmed by this development.
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