Bitcoin Price Dips Under $59,000 After $100 Million Liquidation: Market Forecast
Despite the recent influx of over $192 million into U.S. spot Bitcoin ETFs, Bitcoin (BTC), the leading cryptocurrency, failed to sustain its overnight gains and started the week on a bearish note. This decline can be attributed to the news that $155.25 million in liquidations occurred across the crypto market.
Such large-scale liquidations forcefully close leveraged positions, leading to increased selling pressure and a subsequent drop in Bitcoin’s value.
On August 12, Bitcoin briefly dropped below $59,000, reaching an intraday low of $58,269 after peaking at $61,562. The overall bearish sentiment in the crypto market, which stood at $2.05 trillion at the time of writing, resulted in a 24-hour decline of 4.07%.
Bitcoin, the largest cryptocurrency, dropped 4% in the last 24 hours, falling below $59,000 after maintaining levels above $60,000 for four days.
This decline contributed to $155.25 million in liquidations across the crypto market, with Bitcoin alone responsible for $41.31 million of that total.
Ethereum also fell, trading at $2,553, while other major cryptocurrencies, including Toncoin, Solana, and Dogecoin, saw significant losses.
Bitcoin takes A Dive: #Crypto Market Faces $156.4m Liquidation Blow
Sentiment: Negative
Not the best day in the world for Bitcoin enthusiasts! A 4% drop has been seen within the past 24 hours, contributing…
Brief: https://t.co/zju72kUM6zhttps://t.co/5h8YzYqudM
Despite a 52% rise in global crypto trading volume, activity was still lower than the previous week. Analysts from Grayscale Research suggest that if the U.S. economy avoids a recession, Bitcoin might recover and approach its all-time high later this year.
Bitcoin’s recent drop below $60,000 has led to different opinions among experts. One
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