Bitcoin fell roughly 3.6% over the past 24 hours, pushing its market capitalization to $1.25 trillion and triggering a $171 million liquidation cascade. The slide came without any single obvious catalyst, but it was enough to knock the total crypto market down nearly 3% in the same window.
The $171 Million Liquidation Wave
The top cryptocurrency saw a concentrated flush of leveraged positions, with data showing $171 million in Bitcoin liquidations alone. Most of those were long positions — traders betting on higher prices got caught as the drop accelerated through the Asian afternoon. The exact mix of exchange and venue data isn't public yet, but the number confirms it was one of the bigger single-asset liquidation events this quarter.
Bitcoin Finds Support Above $62,000
During the sell-off, Bitcoin touched an intraday low of $61,860. That level held, and the price has since recovered to trade just above $62,000. The bounce suggests there's still demand near that zone — at least for now. Whether it holds on a retest is the open question.
Broader Market Feels the Pressure
Bitcoin's pullback dragged the broader crypto market down with it. The total market capitalization fell nearly 3%, erasing roughly $70 billion in value across all tokens. Altcoins took a similar hit, though none suffered a liquidation event quite on the scale of Bitcoin's. The correlation between BTC and the rest of the market remains tight.
For now, Bitcoin is hovering just above $62,000 — a level traders will be watching closely in the coming sessions. A break below that could open the door to further downside; a reclaim of $64,000 would signal the selling pressure may have exhausted itself.
