The price of bitcoin saw a significant fluctuation after remaining fairly consolidated over the past two days. After bulls managed to see bitcoin’s price rise to $71,754, the value dropped to a low of $68,557 per unit shortly after reaching the daily high.
Liquidations Rise Following Bitcoin Price Drop
Over the past 48 hours, bitcoin (BTC) has been in a consolidated pattern without much fluctuation. On Wednesday, March 27, 2024, that changed when the price spiked at around 9:15 a.m. Eastern Time and ran up to a high of $71,754 per coin. The bulls could neither hold the price in that range nor surpass the price height. 15 minutes later the price was in a freefall sliding below the $69,000 range to a low of $68,557.
The price took a 2.5% hit during that hour, as it dropped from the $71,754 intraday high. Presently, BTC’s market capitalization is around $1.37 trillion and the leading crypto asset witnessed $33.28 billion in global trade volume on Wednesday. The price drop managed to liquidate $20.7 million in bitcoin (BTC) long positions and $13.03 million in ETH long positions were wiped out as well.
One-hour figures show across the entire crypto economy, $55.44 million in long positions were liquidated. At the same time, short positions caught in the rebound saw $8.31 million wiped out. Bitcoin is down 6% lower than its all-time price high recorded on March 14, 2024, or roughly 13 days ago. Moreover, there are approximately 24 days left until the upcoming Bitcoin block reward halving event.