Bitcoin fell below $71,000 as over $104 million in long positions were liquidated within a single hour, according to data from CoinGlass, signaling intensified selling pressure in cryptocurrency markets.
The sharp liquidation event coincided with geopolitical developments, as Donald Trump stated in an NBC News interview that the United States has not received confirmation from Iran of negotiations suspension and indicated the U.S. will maintain its blockade of the Strait of Hormuz. Escalating Middle East tensions have historically triggered risk-off sentiment across financial markets, including cryptocurrencies, as investors seek safer assets.
The liquidation cascade suggests that leveraged long traders were caught off-guard by the price decline, triggering automated position closures. This type of forced selling can accelerate downward momentum in volatile cryptocurrency markets, particularly when combined with external geopolitical headwinds that reduce overall risk appetite among institutional and retail participants.