According to Cointelegraph: Bitcoin experienced a significant price drop of over 7% in the last 24 hours, causing approximately $256 million in losses for traders with long positions. Yet analysts consider this a typical market fluctuation, despite the escalating geopolitical unrest in the Middle East.
Bitcoin's price dipped to $60,919 before finding support at $62,060 on April 13. Its current price stands at $63,858, according to CoinMarketCap data.
Such a rapid price drop inevitably led to sizeable liquidations from leveraged positions on Bitcoin. Using CoinGlass data, those liquidations amount to $319.15 million in the past 24 hours, including $256.58 million from long positions and $62.58 million from short ones.
Despite traders preparing for additional declines, a reversion in Bitcoin's price to its $67,000 level from just 24 hours ago would risk the liquidation of short positions totaling $1.05 billion.
Moreover, the broader cryptocurrency market equally felt the blow, as $945.9 million was liquidated from 253,554 traders over the last 24 hours. Consequently, the Crypto Fear and Greed Index displayed a slight decrease to a greed level of 72.
In conclusion, while the dip in Bitcoin has triggered substantial losses, many analysts perceive it as a usual market retrace in the crypto ecosystem, often fueled by events such as geopolitical tension or significant market indicators. Traders should remain cautious and continually monitor the market for the next possible move.
