Bitcoin dropped below $62,000 as traders faced $1.22 billion in long liquidations over a 12-hour period, according to data from CoinGlass. The sharp unwinding of leveraged positions signals intensifying bearish pressure on the cryptocurrency.
The liquidation volume underscores heightened volatility in bitcoin markets and suggests that stop-loss orders and margin calls are triggering cascade selling. Such broad-based long liquidations typically indicate that traders holding leveraged bullish bets were caught off-guard by downward price momentum, forcing automated position closures across major exchanges.
Source:coinglass.com