Bitcoin Price Drops to Six-Week Low, Wiping Out Over $935 Million in Liquidations

The recent decline in the Bitcoin price has had a ripple effect across the crypto market, leading to significant liquidations and a drop in leverage positions.

According to data from CoinGlass, over $935 million was wiped out of the market in short and long positions over the past 24 hours. This includes nearly $874 million in long positions being liquidated, with Bitcoin accounting for $348.5 million of that total.

The decline in leverage positions is evident in the drop in futures open interest (OI) on major exchanges. For example, the Chicago Mercantile Exchange and BingX have seen their Bitcoin OI fall by 9.8% and 9%, respectively, over the past 24 hours.

Market analysts believe that Bitcoin's price needs to hold above $70,000 to avoid a deeper correction towards $65,000 or lower. If it falls below this level, it could trigger another sell-off episode, potentially leading to a price drop of up to 11.4%.