Ramazan Eles 
Bitcoin (BTC) has seen a decline in price, dropping below the $65,000 mark, leading to liquidations surpassing $426 million across the market.
The recent downturn in Bitcoin’s price has caused the cryptocurrency to fall below the $66,000 support level for the first time since reaching its All-Time High (ATH) of over $73,000.
As of the time of writing, Bitcoin is valued at $65,777.25, marking a 3.6% decrease in the last 24 hours. Market volatility is evident, with Bitcoin reaching a daily high of $70,046.27 before settling at its current price.
While some analysts have downplayed the correction in Bitcoin’s price, the sustained downturn is impacting the overall altcoin market. Over 151,000 traders have been liquidated in the past 24 hours, contributing to the total market liquidations exceeding $426.02 million, with Bitcoin accounting for the most significant share.
Liquidation Breakdown
In the last 24 hours alone, Bitcoin liquidations amounted to over $104 million, predominantly affecting long traders who suffered losses of $86.36 million compared to $18.15 million for short traders. Ethereum also experienced liquidations totaling $47.98 million, with $32.79 million attributed to long traders and $15.18 million to short traders.
Despite widespread liquidations among top altcoins, even newer coins like the Solana-based memecoin sensation BOOK OF MEME (BOME) were not spared. BOME’s liquidation amounted to $10.16 million, reflecting significant losses relative to its age and market cap compared to more established alternatives like Shiba Inu (SHIB), which saw a slump of $4.05 million.
Looking ahead, analysts anticipate a potential recovery in the short term, with several catalysts expected to drive growth. One such catalyst is the spot Bitcoin ETF market, which has seen steady capital inflows, helping to mitigate Bitcoin’s price decline. Additionally, the upcoming Bitcoin halving event, which will reduce the reward rate for Bitcoin blocks, is anticipated to sustain demand for Bitcoin and potentially drive further price growth.