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Bitcoin (BTC) Price Tumbles $6K, Liquidations Skyrocket to $500M in 1 Hour

Summary:
Bitcoin’s price failed to overcome the ,000 level decisively today, and the subsequent rejection pushed the asset south hard, dumping to around ,000. The altcoins have suffered even more, with numerous double-digit losses from the likes of XRP, SOL, DOGE, TON, ADA, and many more. BTCUSD. Source: TradingViewCryptoPotato reported earlier BTC’s attempts to overcome ,000, which had little success. The bears managed to intercept the moves and pushed the cryptocurrency south to around ,000. However, that was just the beginning of Bitcoin’s red Friday. After a recent warning that the situation could worsen soon, the asset’s price plunged to a weekly low of around ,000. Although BTC has recovered some ground since then and now sits at around ,000, it is still

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Bitcoin’s price failed to overcome the $71,000 level decisively today, and the subsequent rejection pushed the asset south hard, dumping to around $65,000.

The altcoins have suffered even more, with numerous double-digit losses from the likes of XRP, SOL, DOGE, TON, ADA, and many more.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

CryptoPotato reported earlier BTC’s attempts to overcome $71,000, which had little success. The bears managed to intercept the moves and pushed the cryptocurrency south to around $70,000.

However, that was just the beginning of Bitcoin’s red Friday. After a recent warning that the situation could worsen soon, the asset’s price plunged to a weekly low of around $65,000.

Although BTC has recovered some ground since then and now sits at around $67,000, it is still about 5% down on the day.

The alternative coins have charted even more violent price declines. Ethereum has shed 8% of its value and has plummeted to $3,230 as of now.

More pain comes from the likes of SOL, XRP, DOGE, TON, ADA, AVAX, BCH, SHIB, and DOT – all of those have dropped by double digits on a daily scale.

Overleveraged traders have felt these massive price fluctuations as the liquidations have skyrocketed to almost $500 million in the past hour alone. The 12-hour count is at over $800 million, according to CoinGlass.

Almost 300,000 traders have been wiped out in the past day. The single largest liquidated position was placed on OKX and was worth more than $7 million.

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