$160M Liquidated as Bitcoin (BTC) Rejected at $65K Mark

Following a subdued weekend where it remained mainly around $63,000, BTC took a bullish turn during the Monday morning Asian trading hours but faced resistance just below $65,000.

This subsequent rejection introduced further volatility to the market, leading to over 60,000 traders being liquidated daily.

Bitcoin’s price movement has been relatively positive in recent days, particularly after the US Federal Reserve reduced key interest rates in the country by 0.5% on Wednesday. BTC experienced immediate price fluctuations, but the bulls managed to gain control, pushing the asset up to over $64,000 on Friday morning.

However, the cryptocurrency struggled to maintain its upward trajectory and lost some momentum over the weekend. As previously noted, it mostly traded within a narrow range of around $63,000.

More volatility followed on Sunday evening and Monday morning. Initially, BTC dipped to $62,400, bounced back to $64,000, fell again by about $1,500, and then initiated an impressive climb just hours ago.

This resulted in a price spike to a four-week high of $64,800 (on Bitstamp). Nonetheless, the bears were quick to react and halted BTC’s rally. As things stand, the asset is trading roughly $1,000 lower.

Numerous altcoins mirrored BTC’s movements, but certain ones, like ETH and BNB, have seen gains exceeding 2% on a daily basis. ETH is now trading above $2,650, while BNB has approached $600.

This significant volatility has negatively impacted over-leveraged traders, with nearly 62,000 of these market participants being affected daily. The total value of liquidated positions has reached approximately $165 million, according to CoinGlass.

The largest single liquidated position involved ETH, valued at $2.73 million, which occurred on Binance.