- BTC stumbles below $70,000.
- The liquidation exceeds $100 million.
Bitcoin [BTC] rose past the $73,000 price level, fueling expectations of a potential new all-time high (ATH). However, the price fell below $70,000, leading to a significant number of liquidations.
Bitcoin drops below $70,000
On March 14, Bitcoin experienced a significant drop, causing its price to fall by over 2% to around $71,400. This drop followed the rise above $73,000, marking a new all-time high for BTC.
At the time of writing, the price had fallen to around $66,880, reflecting a drop of over 8%. This was the first consecutive decline for BTC since late February.
Source: trading view
Furthermore, it also marked the first exit from the overbought zone for the Bitcoin Relative Strength Index (RSI) since then, with the RSI falling below 70. Despite these declines, Bitcoin remained in a strong bullish trend.
However, the downturn led to a significant increase in liquidation volume.
Bitcoin sees a liquidation of over $140 million
Analysis of the Bitcoin Liquidation Chart on Mint glass revealed that as of March 14, liquidation volume had increased to over $143.6 million.
Long positions were the hardest hit by the liquidation, accounting for over $111 million, while short positions also saw significant liquidations totaling over $32.6 million. At the time of writing, liquidations continued, with long positions remaining the main target.
The liquidation of the long positions was more than $90.6 million, compared to the liquidation of the short positions, which was more than $21.2 million. These numbers indicate that traders who were positive on the price of Bitcoin have suffered significant losses in the past 24 hours.
Furthermore, an examination of the financing rate showed that buyers continued to show aggression. At the time of writing this, the coverage ratio was around 0.04%.
BTC holders are falling
According to an analysis of the metric on Santiment, there has been a slight decrease in the number of Bitcoin holders. The graph showed that around March 10, the total number of holders approached 52.8 million.
However, during the week this number began to show a slight decrease.
Source: Santiment
How much are 1,10,100 BTCs worth today?
At the time of writing, the total number of holders was approximately 52.4 million. This suggests that some holders have chosen to take profits with BTC’s recent appreciation.
Furthermore, an analysis of Bitcoin’s volume showed a notable increase to over $75 billion at the time of writing. This marked a significant increase from the approximately $50 billion seen in recent days.