Bitcoin Drops Below $80,000 as Leveraged Long Positions Unwind

Reports put liquidated long positions anywhere from $200 million to over $400 million within hours of the price break. Bitcoin fell below the $80,000 mark, a level that has served as a psychological and technical anchor for traders in recent weeks. The drop came with unusual speed, catching leveraged long positions off guard and forcing automatic liquidations across major derivatives venues. Accounts of the scale differ depending on the time window measured. BeInCrypto reported that roughly $200 million in leveraged positions unwound within a single hour as the price broke below $80,000.

Source: TheCoinrise