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Bitcoin’s price tried to break the significant support level of $70,000 last night but faced major resistance, preventing the break. Within about an hour, Bitcoin’s price pulled back over $2,000. Altcoins also faced selling pressure, triggering an $80 billion loss in the total crypto market value.
Bitcoin’s Drop Creates Shock
The total value of liquidated positions in the futures market rose to approximately $170 million daily. Many analysts reported that Bitcoin’s price movements were quite dull over the weekend but started June 10 on a more positive note. The asset attempted to trade at $70,000 against psychological resistance and saw further increases in the afternoon.
Despite briefly surpassing this level, bears quickly halted the move, preventing a decisive victory. On the contrary, Bitcoin almost immediately began to lose value, dropping over $2,000 within about an hour. This resulted in the price falling to its lowest level since June 3, at $67,500, and the market value dropped to $1.335 trillion, according to CoinGecko data.
What’s Happening in the Crypto Market?
Altcoin projects also continue to suffer significantly during this process. Ethereum fell by 3.5% during the day to $3,560, and similar declines were seen in popular projects like SOL, DOGE, TON, SHIB, and LINK. Binance Coin, which performed best last week, dropped by more than 7% in the last 24 hours. As a result, BNB fell below $620.
Recent popular projects like NOT (-19%), W (-15%), JSMY (-11%), and BRETT (-10%) also experienced significant declines during this period. In the last 12 hours, the total value of liquidated positions in the futures market reached up to $170 million daily. Over 75,000 investors suffered significant losses in the same time frame.
Interestingly, Ethereum was responsible for the largest share of the pie and the largest liquidation position, including Ethereum itself. The liquidation value exceeded $6.5 million and occurred through Binance.
