BTC Value Dips to $65K, Liquidations Exceed $426M

The recent decline in BTC value that is below the $66,000 support level triggered a drawdown, with BTC now estimated at $65,777.25.

This week’s decline in the price of Bitcoin (BTC) triggered a drawdown. This drawdown has caused the coin to go below the $66,000 support level for the first time since it broke through its all-time high (ATH) above $73,000.

The BTC Value Rout

As of this writing, the estimated BTC value is $65,777.25, indicating a 3.6% decrease in just 24 hours. The BTC value reached a daily high of $70,046.27 before printing, demonstrating the market’s volatility.

Even though many market analysts have disregarded the BTC value adjustment, the persistent drop significantly impacts the alternative Cryptocurrency. Evidence of this fact is the liquidation of over 151,000 traders in the previous 24 hours.

As a result of the price decline, the total amount of liquidations on the market has increased to $426.02 million, with Bitcoin experiencing the most significant amount of liquidation.

The Bitcoin price liquidation statistic has surpassed $104 million over the previous 24 hours. Long traders have been the most severely affected, as they have experienced a reduction of $86.36 million, in contrast to the short traders, who have had a drop of $18.15 million.

The losing streak also impacted Ethereum, leading to a total liquidation of $47.98 million, with long traders receiving $32.79 million and short traders receiving $15.18 million.

Furthermore, the most recent Solana-based memecoin craze, BOOK OF MEME (BOME), contributed to the downturn. This occurred at the same time that the top-market cryptocurrencies saw liquidations without exception.

Estimated to be worth $10.16 million, the BOME liquidation was relatively minor, but due to its relatively older age and smaller market cap, it suffered more significant losses than more established alternatives like Shiba Inu (SHIB), which saw a slump of $4.05 million.

Even though long-term traders are experiencing a string of losses, the situation could change in the short term because many analysts anticipate a recovery soon.

The consistent infusion of cash that has helped sustain the reduction in the price of Bitcoin up to this point is one of the catalysts that might potentially ignite this increase.

The spot Bitcoin ETF market is one of the potential catalysts. According to predictions, the valuation will always remain elevated if there is a sustained demand for Bitcoin exchange-traded funds (ETFs).

Galaxy Digital CEO Mike Novogratz pointed out that Bitcoin is currently in the process of price discovery. Additionally, we anticipate that the Bitcoin halving event will contribute to sustaining the demand buzz for Bitcoin.

This occurrence will reduce the reward rate for Bitcoin blocks and generally limit the coin’s supply. If demand persists, this could potentially lead to further price increases.