Cryptocurrency market liquidations amounted to $ 432 million in just two days

At the beginning of the week, the cryptocurrency market was shaken by massive liquidations of leveraged positions. According to CoinGlass, bitcoin BTC $70,853.67 Mezo Wrapped BTC 6.43% Market capitalization $39 million VOL. 24 hours $2.45 billion rose from a low of $ 65,280 to $ 69,850 overnight, resulting in liquidations worth $ 432 million.

Traders who opened short positions suffered the most, with losses totaling $ 253 million.

Despite the geopolitical news about the US and Israeli strikes on Iran, the price of bitcoin did not decline, which DonAlt analyst called a sign of market strength. He noted that the negative background did not affect the key support and suggested that the price could move to $ 80,000.

Trader Michael van de Poppe added that the level of fear among investors now corresponds to phases that have historically coincided with major market bottoms, such as in 2018, during the COVID crash of 2020, and the fall of Luna in 2022. According to him, such indicators often yield positive returns in the long run.

Thus, although short-term traders have suffered significant losses, the market is showing signs of resilience, and historical data suggests the potential for recovery.