$20 Million in Bitcoin Long Positions Liquidated as Price Tumbles From Intraday High

The price of bitcoin saw a significant fluctuation after remaining fairly consolidated over the past two days. After bulls managed to see bitcoin’s price rise to $71,754, the value dropped to a low of $68,557 per unit shortly after reaching the daily high.

Liquidations Rise Following Bitcoin Price Drop

Over the past 48 hours, bitcoin (BTC) has been in a consolidated pattern without much fluctuation. On Wednesday, March 27, 2024, that changed when the price spiked at around 9:15 a.m. Eastern Time and ran up to a high of $71,754 per coin. The bulls could neither hold the price in that range nor surpass the price height. 15 minutes later the price was in a freefall sliding below the $69,000 range to a low of $68,557.

Bitcoin chart by Tradingview

The price took a 2.5% hit during that hour, as it dropped from the $71,754 intraday high. Presently, BTC’s market capitalization is around $1.37 trillion and the leading crypto asset witnessed $33.28 billion in global trade volume on Wednesday. The price drop managed to liquidate $20.7 million in bitcoin (BTC) long positions and $13.03 million in ETH long positions were wiped out as well.

One-hour figures show across the entire crypto economy, $55.44 million in long positions were liquidated. At the same time, short positions caught in the rebound saw $8.31 million wiped out. Bitcoin is down 6% lower than its all-time price high recorded on March 14, 2024, or roughly 13 days ago. Moreover, there are approximately 24 days left until the upcoming Bitcoin block reward halving event.

What do you think about bitcoin’s wild fluctuations during Wednesday’s trading sessions? Share your thoughts and opinions about this subject in the comments section below.

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