Summary
TLDR: The cryptocurrency market experienced significant turmoil as Bitcoin dropped below $65,000, leading to $565 million in total losses for traders. Long traders lost over $400 million, with Bitcoin long traders being hit the hardest. Analysts predict a pre-halving retrace for Bitcoin, warning traders to be cautious in the next few days.
Key Points
1. The cryptocurrency market experienced substantial turmoil as Bitcoin’s price dropped below $65,000, leading to widespread liquidation.
2. Long traders in the crypto market lost over $400 million within the last day alone, with Bitcoin long traders suffering the most significant blow.
3. The market downturn can be attributed to Bitcoin’s price drop and is seen as a predictable behavior by some analysts, warning traders to be cautious in the upcoming days.