This week's drop in Bitcoin (BTC) price has resulted in a decline that has seen the coin fall below the $66,000 support level for the first time since hitting its all-time high (ATH) of over $73,000. Dollar broke through.
The Bitcoin (BTC) price route
At the time of writing, market data puts the price of Bitcoin at $65,777.25, down 3.6% in 24 hours. There is evidence of volatility in the market as the coin hit an intraday high of $70,046.27 before the current price was printed.
While many market experts have rejected this Bitcoin price correction, the ongoing decline is taking a greater toll on the altcoin horde as a whole. This is shown by the more than 151,000 traders who were liquidated in the last 24 hours. The price drop has extended the total Market liquidations to $426.02 million, with Bitcoin seeing the most liquidation.
In the last 24 hours, Bitcoin price's liquidation count exceeded $104 million, with long traders getting wiped out the most as they suffered a decline of $86.36 million, compared to $18.15 million. Dollars for short traders. The losing streak also spread to Ethereum, with total liquidity at $47.98 million, split between $32.79 million and $15.18 million between long and short traders.
While the top altcoins in the market suffered liquidations across the board, the latest is Solana-based memecoin sensation BOOK OF MEMES (BOME) was included in the slump. BOME's liquidation, set at $10.16 million, was mild, but given its relative age and smaller market cap, it suffered more losses than more established alternatives like Shiba Inu, with a $4.05 million drop (SHIB).
Market triggers to keep an eye on
Although long traders are struggling with losses, the tide could turn in the near term as many analysts expect a recovery soon.
Catalysts that could trigger this growth include the spot Bitcoin ETF market, whose steady capital inflow has helped sustain Bitcoin price declines so far. Predictions suggest that if demand for Bitcoin ETFs continues, the valuation will always remain high, as Mike Novogratz, CEO of Galaxy Digital, pointed out that BTC is trending Price determination mode.
The Bitcoin halving The event is also intended to help maintain the demand hype around Bitcoin. This event will help reduce the reward rate for Bitcoin blocks and limit the supply of coins in general, which could lead to further price increases if demand continues.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and innovations to drive mainstream adoption and global integration of the new technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and websites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The content presented may contain the personal opinions of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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