The cryptocurrency market experienced another wave of heavy selling pressure as Bitcoin fell below $68,000, triggering more than $1 billion in liquidations across leveraged trading positions.
As expected during a sharp market decline, long traders bore the brunt of the losses, accounting for the vast majority of liquidated positions.
Bitcoin Extends Decline to Multi Month Lows
Bitcoin’s downturn accelerated after it lost the key $70,000 support level, opening the door for a deeper correction.
Just a few weeks ago, the leading cryptocurrency was trading above $82,000 before encountering strong resistance and entering a sustained downward trend. The selloff intensified at the start of June, with Bitcoin dropping from roughly $74,000 to around $67,500 in less than two days.
The move represents a decline of approximately $6,500 in about 40 hours and marks Bitcoin’s lowest trading level in nearly two months.
The latest weakness has reinforced bearish sentiment across the market, with some analysts warning that BTC could continue falling toward the $65,000 level or potentially even lower if current support zones fail to hold.
Bitcoin Dominance Continues to Decline
Despite broad weakness across the cryptocurrency market, many altcoins have outperformed Bitcoin during the recent selloff.
As a result, Bitcoin’s share of the total crypto market has dropped below 56%, according to market data. The dominance metric has fallen by more than 1% in the past 24 hours and over 2% during the last week.
While most alternative cryptocurrencies remain in negative territory, their losses have generally been less severe than Bitcoin’s, contributing to the decline in BTC’s market share.
Some market participants have also speculated that Strategy’s recent decision to sell a small portion of its Bitcoin holdings may have added to the negative sentiment surrounding the asset, although no direct connection has been confirmed.
More Than 170,000 Traders Liquidated
The speed and scale of Bitcoin’s decline triggered widespread liquidations across derivatives markets.
Data from CoinGlass shows that more than $1 billion worth of leveraged positions were wiped out over the past 24 hours. Approximately 90% of those liquidations came from long positions as traders betting on higher prices were caught off guard by the sudden downturn.
In total, more than 170,000 traders were liquidated during the selloff.
The largest single liquidation order occurred on Hyperliquid, where a position worth more than $27 million was forcibly closed.
With market volatility remaining elevated and Bitcoin trading near recent lows, traders are closely monitoring whether the market can stabilize or if another wave of liquidations could follow.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
