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<p><a href="https://en.coin-turk.com/analyst-predicts-bitcoin-price-dip-similar-to-november-2022/" rel="noopener noreferrer nofollow">Bitcoin</a> opened Thursday’s Asian trading session with a sharp sell-off, plunging to $72,600 and wiping out a substantial portion of leveraged positions across the crypto market. The leading cryptocurrency dropped 4.5% from its Wednesday peak of $76,050, marking its lowest level in six weeks at $72,620.</p>
<h2 id="massive-liquidation-erases-935-million-in-a-day">Massive liquidation erases $935 million in a day</h2>
<p>In the past 24 hours alone, nearly $935 million in leveraged crypto positions were liquidated globally. The largest single liquidation was a $15.34 million long position on BTC at <a href="https://en.coin-turk.com/spotlight-on-altcoins-hype-and-mnt-dominate-the-crypto-scene/" rel="noopener noreferrer nofollow">Hyperliquid</a>. This market turbulence was attributed to waning risk appetite following U.S. military operations against Iran.</p>
<blockquote>
 <p>Analyst Nicrypto noted that “overnight U.S.-Iran tensions triggered mass closures of leveraged positions, accelerating the sell-off.”</p>
</blockquote>
<p>The drop was not limited to Bitcoin; major altcoins also saw heavy declines, resulting in a $80 billion reduction in total market capitalization. Notably, $228.5 million worth of long ETH positions were liquidated during the turmoil.</p>
<h2 id="sharp-decline-in-market-metrics">Sharp decline in market metrics</h2>
<p>The derivatives market reflected the turmoil as well. According to CoinGlass, open interest in Bitcoin fell sharply, declining by 9.8% at the Chicago Mercantile Exchange and 9% on BingX. This reduction signals lower leverage and a pullback in investor participation.</p>
<p>Earlier this year, between January 14 and February 6, a 30% drop in open interest coincided with a 38% decline in BTC price. Analysts see this as an indication that the market’s downward trend may not yet be over.</p>
<h2 id="etf-outflows-add-to-pressure">ETF outflows add to pressure</h2>
<p>Spot Bitcoin ETFs in the U.S. recorded outflows for the eighth consecutive day. The total outflow reached $2.6 billion, with a single-day outflow of $733 million on Wednesday—marking the largest single day of ETF withdrawals this year. Globally, Bitcoin investment products experienced $1.3 billion in outflows last week.</p>
<p>The latest sell-off was exacerbated by Bitcoin breaking below key support levels. Over the past 24 hours, BTC dropped 4% and fell beneath the crucial $75,000 support. Experts warn that if Bitcoin slips below the strong support area between $71,400 and $73,400, a fall toward $65,000 could follow according to technical analysis.</p>
<p>MN Capital founder Michael van de Poppe commented that such corrections are typical at the end of the month as asset managers rebalance portfolios. Another analyst cautioned that losing the $70,000 level could trigger another wave of strong selling.</p>
<p>Investors are closely watching the 100-day simple moving average at $73,000 and the accumulation zone above $70,000. If demand does not reemerge in these areas, further declines in BTC could be on the horizon.</p>
<p>Mini glossary: Open Interest – In derivatives markets, this indicator shows the total number of outstanding contracts yet to be closed. A decline in open interest suggests decreasing leverage, slower new participation, and typically lowered risk appetite in the market.</p>
<p>The post <a href="https://en.coin-turk.com/bitcoin-tumbles-to-72600-as-935-million-liquidated/" rel="noopener noreferrer nofollow">Bitcoin tumbles to $72,600 as $935 million liquidated</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bitcoin tumbles to $72,600 as $935 million liquidated

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