Wednesday

Bitcoin

Velo

Bitcoin (BTC) has dropped 8% to a nine-week low of $65,360 from Tuesday’s high of $71,300 amid increasing geopolitical risks surrounding the US-Iran war.
Key takeaways:
<ul>
 <li>Bitcoin slipped to $65,000 on Wednesday in a market-wide correction, liquidating $774 million in longs.</li>
 <li>Traders say Bitcoin needs to hold $60,000 as support to avoid a deeper correction in BTC price.</li>
</ul>
<h2 id="bitcoin-wipes-out-longs-in-tumble-to-65-000">Bitcoin wipes out longs in tumble to $65,000</h2>
Data from TradingView showed <a href="https://cointelegraph.com/news/bitcoin-falls-below-66k-as-us-iran-strikes-resume" rel="noopener noreferrer nofollow">new BTC price lows of $65,362</a> on Bitstamp, the lowest since March 29 as sellers stayed in control.
<img alt="Bitcoin's crash to $65K triggers $1.8B in crypto liquidations" height="1157" src="https://s3-images.ctmedia.io/media/content/pasted-image-1270.png" width="2048">
BTC/USD daily chart. Source: Cointelegraph/<a href="https://www.tradingview.com/symbols/BTCUSD/" rel="noopener noreferrer nofollow">TradingView</a>
This extended the deviation from the local high of $82,800 to 21% and was accompanied by massive liquidations across the derivatives market.
Related: <a href="https://cointelegraph.com/markets/bitcoins-224k-fair-value-could-emerge-if-sovereign-debt-fears-deepen-bitwise" rel="noopener noreferrer nofollow">Bitcoin’s $224K ‘fair value’ may emerge if sovereign debt fears deepen: Bitwise</a>
More than $1.58 billion in long positions were liquidated, with Bitcoin accounting for $774.2 million of that total. Ether (ETH) followed with $440 million in long liquidations.
Across the board, a total of $1.83 billion was wiped out of the market in short and long positions, marking the largest liquidation since Feb. 6, when BTC price tanked to its multi-year low below $60,000.
<img alt="Bitcoin's crash to $65K triggers $1.8B in crypto liquidations" height="618" src="https://s3-images.ctmedia.io/media/content/pasted-image-1271.png" width="2048">
Total crypto liquidations across all exchanges. Source: CoinGlass
“This marks one of the larger single-day events in recent months,” analysts at CryptoBanter <a href="https://x.com/crypto_banter/status/2062079116564738349" rel="noopener noreferrer nofollow">said</a> in an X post on Wednesday.
Pseudonymous analyst Byzantine General shared Velo data, which tracks liquidations from four major crypto exchanges: Binance, Bybit, OKX and Deribit, <a href="https://x.com/ByzGeneral/status/2061947706759668111?s=20" rel="noopener noreferrer nofollow">saying</a>:
<blockquote>
 “Highest $BTC long liquidations event since the infamous October 10 black swan event.”
</blockquote>
<img alt="Bitcoin's crash to $65K triggers $1.8B in crypto liquidations" height="1298" src="https://s3-images.ctmedia.io/media/content/pasted-image-1272.png" width="1187">
Bitcoin aggregate liquidations. Source: X/Byzantine General&nbsp;
Fellow analyst DonaX₿τ <a href="https://x.com/Donaxbt/status/2061950989079359671?s=20" rel="noopener noreferrer nofollow">pointed out</a> that the $1.5 billion in long liquidations recorded today were lower than the $1.6 billion posted during the Covid crash in 2020, adding:
<blockquote>
 “This industry is growing.”
</blockquote>
Meanwhile, Bitcoin supply on Binance, the world’s largest crypto exchange by trading volume, has reached a three-month high of 659,000 BTC.&nbsp;
This signifies a “potential for heightened selling pressure in the market, especially if it coincides with declining prices or increased volatility,” CryptoQuant analyst Arab Chain <a href="https://cryptoquant.com/insights/quicktake/6a1fbd4eae348e5baf3fc084-Bitcoin-Exchange-Reserves-on-Binance-Hit-Their-Highest-Level-in-3-Months" rel="noopener noreferrer nofollow">said</a> in a QuickTake note on Wednesday, adding:
<blockquote>
 “Rising supply on exchanges can amplify price volatility and selling pressure, especially if inflows continue in the coming period.”
</blockquote>
<img alt="Bitcoin's crash to $65K triggers $1.8B in crypto liquidations" height="666" src="https://s3-images.ctmedia.io/media/content/pasted-image-1273.png" width="1318">
Bitcoin supply on Binance. Source: Cryptoquant
As Cointelegraph <a href="https://cointelegraph.com/markets/bitcoin-back-in-distribution-phase-as-fear-grips-crypto-market" rel="noopener noreferrer nofollow">reported</a>, Bitcoin is now in a fresh distribution phase fueled by increased inflows to exchanges amid <a href="https://cointelegraph.com/markets/crypto-extreme-fear-worst-in-two-months-as-analysis-sees-bitcoin-price-rebound" rel="noopener noreferrer nofollow">extreme fea</a>r.
<h2 id="60-000-is-now-bitcoin-s-last-line-of-defence">$60,000 is now Bitcoin’s last line of defence</h2>
BTC swept lows around $65,000, leaving traders questioning where Bitcoin is likely to find support.
Bitcoin is in an “interesting zone” below $66,000 with bulls looking at the “area at $61K with the 200-Week MA for support,” MN Capital founder Michael van de Poppe <a href="https://x.com/CryptoMichNL/status/2062066760551997667" rel="noopener noreferrer nofollow">said</a> in a Wednesday post on X, adding:
<blockquote>
 “Those are important to be looking at crucial zones of interest for support and I'm sure that I'll be going to accumulate more positions within this region.”
</blockquote>
<img alt="Bitcoin's crash to $65K triggers $1.8B in crypto liquidations" height="781" src="https://s3-images.ctmedia.io/media/content/pasted-image-196.jpeg" width="1200">BTC/USD weekly chart. Source: Michael van de Poppe
Analyst Colin Talks Crypto <a href="https://x.com/ColinTCrypto/status/2061944899772006624" rel="noopener noreferrer nofollow">said</a> the $65,000-$66,000 is “a reasonable support level for a short-term bounce,” with the possibility of the BTC/USD pair later retesting the $60,000 support zone.
<blockquote>
 “Re-testing $60k is still highly likely. And breaking below it later this year is definitely not ruled out.”
</blockquote>
<img alt="Bitcoin's crash to $65K triggers $1.8B in crypto liquidations" height="1229" src="https://s3-images.ctmedia.io/media/content/pasted-image-1274.png" width="1186">
BTC/USD six-hour chart. Source: X/𝙲𝚘𝚕𝚒𝚗 𝚃𝚊𝚕𝚔𝚜 𝙲𝚛𝚢𝚙𝚝
As Cointelegraph <a href="https://cointelegraph.com/markets/bitcoin-holder-losses-hit-february-extremes-will-traders-defend-60k" rel="noopener noreferrer nofollow">reported</a>, bulls are expected to defend the $60,000 level aggressively, as a break below it may plunge Bitcoin into a new downtrend.&nbsp;

Bitcoin's crash to $65K triggers $1.8B in crypto liquidations

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