Bitcoin’s price declined sharply, dropping toward $71,000 after failing to maintain its weekend level near $74,000. The roughly 3% drop triggered over $500 million in forced liquidations across the crypto derivatives market in 24 hours, with long positions accounting for the majority. The selloff indicates a shift to a more defensive market phase as Bitcoin struggles below key resistance levels.
Bitcoin’s price took another hit, dropping toward $71,000 after failing to maintain the weekend momentum that took it to about $74,000. The asset fell by roughly 3% on the day, touching an intraday low near $71,300.
The sudden decline triggered a wave of forced liquidations across the crypto derivatives market. Data from CoinGlass shows that total liquidations surpassed $500 million for the past 24 hours, with $135 million of that happening in the last hour alone.
Many traders were caught on the wrong side of the move, and long positions accounted for the majority of the wipeout. This also indicates that many traders were expecting a continuation higher after Bitcoin’s earlier attempt to stabilize near $74,000.
BTC was among the leading assets by liquidation volume, alongside Ethereum, which is oftentimes the case during market-wide wipeouts. The selloff comes after days of fragile price action, during which the cryptocurrency repeatedly failed to reclaim higher resistance levels.
With BTC now hovering close to $71,000, the market appears to be entering a more defensive and bearish phase. A deeper break below this area could intensify selling pressure and potentially trigger another round of volatility.
