Crypto: Bitcoin Price Punishes Traders As 24-hour Crypto Liquidations Pass...

Bitcoin sparked mass long and short BTC liquidations while staying rangebound around $70,000 as analysis predicted a local support retest.

Bitcoin (BTC) eyed multiday lows into Tuesday’s Wall Street open as analysis warned that bears were trying to “regain control.”

Bitcoin is setting up a support retest at the bottom of its local range, says analysis.

Bears want “control” again, with liquidations impacting both long and short traders.

An ongoing lack of demand is adding to Bitcoin bulls’ problems.

Data from TradingView recorded 2.3% daily BTC price losses, with $68,500 now a focus.

Part of a narrow local trading range, the level still held significance for market participants eyeing liquidations on exchanges.

These remained high despite relatively calm price behavior, with the 24 hours to the time of writing seeing over $250 million across crypto, per data from CoinGlass.

“$BTC pumped to $71,000 yesterday liquidating $130M shorts. Then, $BTC dumps straight back to $68,000 liquidating another $150M longs,” CryptoReviewing, the pseudonymous cofounder of trading community Wealth Capital, wrote in a post on X.

An accompanying chart captured the high-stakes liquidation potential both above and below spot price.

Source: CoinTelegraph