Bitcoin (BTC) Price Nosedives 1.6% as Long Liquidations Surge Past $27M

Analyst Neil Roarty from Stocklytics highlighted a notable decline in Bitcoin's price, reaching its lowest in over a month.

Bitcoin’s price experienced a downturn on Monday, decreasing by 1.6% over the past 24 hours. The cryptocurrency reached a price of around $63,568 by Tuesday morning.

This price drop triggered long liquidations of over $27 million in the past 24 hours, out of a total of $33.85 million in Bitcoin positions that were liquidated. According to data from Coinglass, this resulted in long liquidations of $105 million.

An analyst from Stocklytics, Neil Roarty, highlighted this notable decline in Bitcoin’s price, indicating a division among investors about the cryptocurrency’s future.

Roarty also pointed out potential insider knowledge that might be influencing the market. He stated, “The largest Bitcoin holders have together sold more than $1 billion worth of the coin over the last couple of weeks.”

However, some bullish investors maintain that Bitcoin’s price is still only 10% below its all-time high of $73,000, which was reached in March. They view this as a typical period of consolidation before aiming for the $100,000 mark. This moment marks a critical inflection point for Bitcoin, with its future direction still up for grabs.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-nosedives-liquidations-surge-m.html

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