Bitcoin suffered another sharp decline in recent trading, falling toward the $71,000 level after failing to sustain the recovery momentum that briefly pushed it close to $74,000 over the weekend.
The leading cryptocurrency dropped around 3% on the day, reaching an intraday low of approximately $71,300 as selling pressure intensified across the market.
Massive Liquidations Shake the Market
The sudden downturn triggered a significant wave of liquidations in the cryptocurrency derivatives market. According to market data, total liquidations exceeded $500 million over the past 24 hours, with more than $135 million wiped out within a single hour.
Most of the losses came from long positions, indicating that many traders were positioned for further upside after Bitcoin’s earlier attempt to stabilize around the $74,000 mark. Instead, the market moved sharply lower, catching bullish traders off guard.
Bitcoin and Ethereum accounted for a large share of the liquidated positions, a common occurrence during broad market selloffs when the two largest cryptocurrencies experience heightened volatility.
Bears Regain Control
The latest decline follows several days of weak price action, during which Bitcoin repeatedly failed to break through key resistance levels and establish a stronger recovery trend.
With BTC now trading near $71,000, market sentiment appears to be turning increasingly defensive. Analysts are watching this zone closely, as a decisive move below it could open the door to additional downside pressure and spark another round of heightened volatility across the crypto market.
For now, the inability to reclaim higher price levels continues to favor sellers, leaving investors cautious about Bitcoin’s short term outlook.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
