Bitcoin (BTC) Attempts to Reclaim $60,000 as US Investors Step In, Coinbase Premium Suggests

Bitcoin (BTC), the largest cryptocurrency, is attempting to test the crucial level of $60,000 after its painful dropdown a couple of days ago.

Bitcoin (BTC) Burned $213 Million in Crypto Traders, Here's the CatchBitcoin (BTC) traders have liquidated a total of $213 million in crypto over the past 24 hours, as the coin's price briefly dropped to lows of $57,800 on March 14. According to data from Coinglass, nearly 50% of the liquidated sum belonged to short positions.

Bitcoin (BTC) traders burned $213 million in crypto, nearly half were shorts

The pain was felt more strongly by traders betting against Bitcoin (BTC) itself, with 61% of liquidated positions being shorts in XBT/USD pairs.

As reported by U.Today, Bitcoin (BTC) price dropped to lows of $56,000 on March 12 after a brief wick into the $55,000 zone. The coin quickly recovered and began to trade above $58,000 again.

The drop in price came after Bitcoin (BTC) reached highs of $61,000 on March 10, following a strong upsurge in activity from U.S. investors.

As the coin dropped below the crucial level of $60,000, traders began to liquidate their positions en masse, with the majority of the liquidated sum belonging to traders betting against Bitcoin (BTC).

Bitcoin (BTC) price action suggests the worst is over

Recently, an on-chain analyst at Glassnode shared his thoughts on the Bitcoin (BTC) price floor, stating that the worst is in for the coin and the coin is now in a "bull market cradle."

The analyst highlighted several factors that support his analysis, including the U.S. presidential race, the exhaustion of the largest and most aggressive sellers and the absence of dangerous CeFi services from the market.

This analysis aligns with the statements made by Raoul Pal last weekend. The Real Vision CEO stated that he is not selling and views the drop in BTC price from highs of $69,000 to lows of $50,000 as a "shakeout" move.

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