Bitcoin’s price took a turn for the worse in late Monday evening in Europe. The sellers have reappeared and established control, pushing the cryptocurrency below $67,000, losing about 2.5% in the past 24 hours.
The move has pushed the total liquidations in the derivatives market to about $200 million. In the past four hours alone, almost $70 million worth of leveraged positions—the majority of them long — were wiped off the market.
This latest move caused a lot of uncertainty in the market, with many wondering whether the rally to a new all-time high is put on pause.
Some popular traders such as X user Emperor even suggested that a further decline to $62,000 might be in the cards.
Bitcoin Price Update
1. Backtest of $66,000 level held and we moved higher. Want to see price hold above Previous Month High for continuation higher. My target of $69,000 has now been hit and I’m looking to relong dips.
2. I told you most will be scared to buy the dip at… pic.twitter.com/1NwHonte72
— Emperor (@EmperorBTC) October 21, 2024
The majority of the market is currently in a state of correction, as it’s clearly visible in the heatmap below. It’s worth noting that the declines remain relatively marginal at the time of this writing.
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