Over $160 Million in Liquidations as Bitcoin (BTC) Rejected at $65,000

After a quiet weekend in which it was mostly around $63,000, BTC went on the offensive during the Asian trading session on Monday morning, but stopped just below $65,000.

The subsequent rejection brought some more volatility to the market, which has liquidated more than 60,000 traders on a daily basis.

Bitcoin price action has been quite positive in recent days, especially since the US Federal Reserve cut the country’s key interest rates by 0.5% on Wednesday. BTC reacted with immediate price swings, but the bulls prevailed and drove the asset north, culminating in a price surge to over $64,000 on Friday morning.

The cryptocurrency was unable to continue its rally and lost some momentum over the weekend. As reported, it traded in a tight range around $63,000 for the most part.

Greater volatility occurred Sunday evening and Monday morning. First, BTC dropped to $62,400, shot up to $64,000, fell back a thousand and a half, and started a stunning run hours ago.

This caused the price to rise to a four-week high of $64,800 (on Bitstamp). However, the bears quickly intercepted and stopped BTC’s rally. As of now, the asset is trading about $1,000 lower.

Bitcoin/Price/Chart 23.09.2024. Source: TradingView

Many altcoins mimicked the performance of BTC, but some, such as ETH and BNB, have gained more than 2% on a daily basis. ETH is above $2,650, while BNB has moved closer to $600.

This substantial volatility has hurt over-leveraged traders, with nearly 62,000 market participants wiped out on a daily basis. The total value of liquidated positions is up to $165 million, according to CoinGlass.

The largest liquidated position actually involved ETH and was worth $2.73 million. It took place on Binance.

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