Bitcoin slid below $64,000 on Friday, erasing gains from a mid-week rally that briefly pushed the asset near $67,000. The move triggered a wave of forced selling across crypto derivatives markets, with total liquidations hitting $312 million, according to data compiled by Coinglass. Bitcoin-specific positions accounted for $87 million of that total.
Liquidations pile up
The $312 million in liquidations came almost entirely from long positions — traders who bet on higher prices. When Bitcoin reversed course, leveraged bets were wiped out in a cascade. The $87 million in Bitcoin liquidations alone made up roughly 28% of the market-wide figure, a share that aligns with Bitcoin's typical dominance in open interest.
Mid-week rally fades
Earlier this week, Bitcoin had climbed to nearly $67,000, its highest level in weeks. The move was driven by a mix of positive sentiment and short-term buying pressure. But the rally stalled, and by Friday afternoon the price had fallen back below $64,000. The exact trigger for the reversal wasn't immediately clear, though profit-taking and a broader risk-off shift in traditional markets may have played a role.
What traders are watching
The $64,000 level has acted as both support and resistance in recent weeks. A close below that mark could invite further selling, while a bounce might set up another test of the $67,000 area. For now, the liquidation event has cleared out some of the excess leverage, which sometimes sets the stage for a more stable recovery — though nothing is guaranteed in this market.
