Bitcoin’s Price Dip Triggered $319 Million in Liquidations
Bitcoin’s price took a sharp dive of over 7% within a 24-hour period leading up to April 14, resulting in significant liquidations from both long and short positions. Traders saw over $256 million liquidated from long positions and over $62 million from short positions as the cryptocurrency’s value plummeted to a low of $60,919 before bouncing back to $62,060. As of the time of writing, Bitcoin’s price has recovered to $66,146.
Analyst Benjamin Cowan characterized the price drop as a normal occurrence within the current market cycle, citing previous corrections of 20-22%. MicroStrategy CEO Michael Saylor also noted that chaotic market dynamics can actually benefit Bitcoin. Rekt Capital, a well-known crypto trader and analyst, added that while the recent retracement may raise doubts about the continuation of the bull market, Bitcoin’s long-term uptrend remains intact.
Industry experts view the pullback as a natural phase in Bitcoin’s journey, anticipating further gains as investor interest continues to grow. In other news, Bitcoin Ordinals have achieved a new record, surpassing 65 million inscriptions.
With insights from analysts and industry leaders, it is evident that despite short-term market uncertainties, long-term analyses remain positive about Bitcoin’s prospects. Stay tuned for more updates on the cryptocurrency market.
