Bitcoin Buckles Below $69K as Crypto Bulls Endure $175M Liquidations

Bitcoin‘s price dipped under $69,000 on Tuesday, causing a setback for crypto investors following the previous day’s surge in value.

Bitcoin dipped to a low of $68,580 from its previous high of around $71,000. The leading cryptocurrency by market value is currently valued at roughly $69,000 according to CoinDesk’s latest figures, representing a 4% decrease over the last day.

Approximately $175 million in long positions, representing the majority of the $200 million in total leveraged derivatives trading positions liquidated on digital assets by 15:45 UTC according to CoinGlass, were bets placed on price increases. This is the biggest daily wipeout of long positions in a week’s time, implying that traders using leverage were taken by surprise.

On Monday, bitcoin surpassed $70,000, leading some analysts to forecast even greater price increases. However, based on technical analysis, Joel Kruger of LMAX Group suggested that the recent high might not be a sign of things to come. The price peak did not exceed the previous record highs achieved in March, implying that the muted prices could persist for some time before potentially reaching new highs again.

In an email, he commented that Bitcoin has shown impressive strength during a time of stability, bouncing back from setbacks. The daily chart indicates a possible price adjustment around $71,800, implying potential correction before another run towards new records.