Bitcoin Price Plummets After $70K Rejection, Crypto Market Loses $80 Billion

  • Bitcoin’s latest attempt to surpass the critical $70,000 mark faced a swift and drastic pullback.
  • This downward trend in BTC price also led to significant losses in the altcoin market.
  • Liquidations hit approximately $170 million in 24 hours, impacting over 75,000 traders.

Bitcoin falls short of $70,000 once again, leading to widespread market declines and significant liquidations.

Bitcoin Struggles to Break $70,000 Barrier

Bitcoin’s price encountered a formidable resistance level at $70,000, registering a sharp decline shortly after briefly trading above this psychological threshold. The powerful rejection saw BTC’s value plummet by over $2,000 in just an hour, reaching a low of $67,500 – its weakest price point since early June. This rapid downturn also caused Bitcoin’s market capitalization to drop to $1.335 trillion, according to CoinGecko data.

Altcoin Market Experiences Deeper Losses

The altcoins mirrored Bitcoin’s bearish momentum with even steeper declines. Ethereum, for instance, recorded a 3.5% drop, pricing it at $3,560. Other notable cryptocurrencies such as SOL, DOGE, TON, SHIB, and LINK also experienced significant drops in value. Binance Coin, last week’s leading performer, saw a more than 7% decline within 24 hours, falling below $620. More severe losses were evident in lesser-known tokens including NOT, W, JASMY, and BRETT, with losses ranging from 10% to 19%.

Massive Liquidations Impact the Crypto Sector

The abrupt price shifts resulted in widespread liquidations, with the total value reaching around $170 million on a daily scale. This liquidation frenzy affected over 75,000 traders within the same period. Ethereum held the largest share of these liquidations, with the single-largest liquidation recorded involving a $6.5 million position on Binance. The highly volatile market conditions emphasized the risks inherent in trading digital assets, amplifying trader caution and aversion.

Conclusion

The attempt to breach the $70,000 level was futile for Bitcoin, sending ripples across the cryptocurrency market. The ensuing sharp decline in BTC price triggered considerable losses, both in the altcoin sector and among leveraged traders facing substantial liquidations. Investors should adopt a cautious approach in these highly volatile market conditions, with a keen eye on future developments that may affect the trajectory of digital asset prices.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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