"Nearly $300 million in long positions were liquidated over the past 24 hours, compared with roughly $50 million in short liquidations, pointing to an unwind of crowded bullish positioning in crypto futures."
"The bitcoin price selloff coincided with a broader risk-off move across global markets, as Nasdaq 100 futures have fallen about 10% from their January highs."
"The surge in crude has renewed inflation concerns and pressured risk assets, including cryptocurrencies, as geopolitical tensions escalate."
"Despite the recent decline, bitcoin price continues to trade within a defined range between $60,000 and $75,000 that has held for some time."
Bitcoin's price dropped below $66,500, marking its lowest point in over two weeks. Nearly $300 million in long positions were liquidated, indicating a shift from bullish to bearish sentiment in the crypto market. This selloff coincided with a broader risk-off trend in global markets, as Nasdaq 100 futures fell and oil prices surged amid geopolitical tensions involving Iran. Despite a brief rise to $71,500 earlier in the week, uncertainty around diplomatic negotiations has led to a decline, with Bitcoin trading within a range of $60,000 to $75,000.
Read at Bitcoin Magazine
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