Key Points
- Bitcoin’s price fell below $70,000, triggering a significant volume of liquidations.
- Bitcoin holders started to experience slight declines due to the recent increase in BTC’s value.
Bitcoin’s price recently surged past the $73,000 mark, stirring excitement for a potential new all-time high. However, the price then fell below the $70,000 level, leading to a substantial volume of liquidations.
On 14th March, Bitcoin saw a significant decrease, dropping its price by over 2% to around $71,400. This drop followed its rise above $73,000, which marked a new all-time high for Bitcoin.
Bitcoin’s Consecutive Decline
At the time of writing, the price had dropped to roughly $66,880, indicating a fall of over 8%. This decline was the first consecutive drop for Bitcoin since late February. Despite these declines, Bitcoin remained in a strong bullish trend.
This downturn led to a substantial increase in liquidation volume. Analysis of the Bitcoin liquidation chart revealed that by 14th March, the liquidation volume had increased to over $143.6 million.
Liquidation Details
Long positions were hit hardest by the liquidation, accounting for over $111 million. Short positions also saw significant liquidations, totaling over $32.6 million. At the time of writing, liquidations were ongoing, with long positions remaining the primary target.
Long position liquidation surpassed $90.6 million, compared to short position liquidation, which totaled over $21.2 million. These figures suggest that traders who were bullish on Bitcoin’s price suffered significant losses in the past 24 hours.
Furthermore, an analysis of the funding rate suggested that buyers continued to exhibit aggression. At the time of writing, the funding rate was around 0.04%.
According to an analysis of the metric on Santiment, there has been a slight reduction in the number of Bitcoin holders. The chart revealed that around 10th March, the total number of holders was approximately 52.8 million. However, this number began to experience slight declines during the week.
At the time of writing, the total number of holders was around 52.4 million. This suggests that some holders have chosen to take profit with the recent increase in Bitcoin’s value.
Lastly, an analysis of Bitcoin’s volume showed a significant surge to over $75 billion at the time of writing. This marked a substantial increase from the approximately $50 billion observed in previous days.
