Bitcoin price decline below $65,000 liquidates over $125 million in long positions in 24 hours

Bitcoin price nosedived to a low of $64,533 on Saturday, liquidating several long positions.
$125 million in long positions were liquidated in the past day.
BTC price made a comeback above $65,000 early on Sunday.

Bitcoin, the largest cryptocurrency by market capitalization, declined nearly 6%, dropping below the $65,000 level for the first time in nearly ten days. The asset’s price drop ushered massive liquidation in derivatives markets.

Several altcoins and meme coins noted massive drawdowns in response to Bitcoin’s correction. The biggest declines were noted by Sei (SEI), Floki Inu (FLOKI),and Dogwifhat (WIF), nearly double-digit corrections.

Also read: Bitcoin price dips to a low of $65,600 as weekend volatility creeps in

Bitcoin price drop liquidates $125 million in long positions

Bitcoin price revisited the $64,800 level, dipping below $65,000, for the first time since March 6, on Binance. BTC’s price correction was a significant one as it liquidated several long and short positions in derivatives markets.

While $125 million in long positions were liquidated, $27.68 million in shorts were crushed by the asset’s recovery, according to CoinGlass data. While Bitcoin price corrected to the $66,000 level last week, meme coins likely gained from capital rotation. Meme coins wiped out their weekly gains and noted double-digit corrections as Bitcoin crumbled under selling pressure.

BTC Derivatives data. Source: CoinGlass

One of the largest meme coins in the Solana ecosystem, WIF, alongside FLOKI and SEI holders suffered losses, in the market wide correction.

On Sunday, Bitcoin price climbed above $65,000. The largest asset by market capitalization is exchanging hands at $66,487, at the time of writing.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.