Bitcoin Price Dips to $117K as Liquidations Soar Across Crypto Market

Bitcoin Crypto

Bitcoin Price Dips to $117K as Liquidations Soar Across Crypto Market

Bitcoins price has taken a breather after its recent highs, falling to around $117,060 with a 4.3% drop over the past 24 hours.

Despite holding a weekly gain of over 8%, the short-term correction has triggered significant turbulence across the broader crypto market.

The overall market cap slipped by 3.33% to $3.68 trillion, even as trading volume surged by more than 31% to $257 billion, suggesting panic-driven activity. Bitcoin remains dominant, now controlling 63.4% of the total market.

The downturn has wiped out a substantial amount of leveraged positions. Across all assets, nearly $501 million was liquidated in just 24 hours. Long positions bore the brunt of the losses, with $389 million wiped out compared to $112 million from shorts.

Bitcoin alone accounted for $181 million in liquidations, including $142 million in longs and $39 million in shorts. This indicates that overleveraged bullish traders were caught off guard by the latest retracement.

While the broader trend for Bitcoin remains bullish in the weekly timeframe, the sharp pullback highlights growing volatility and reinforces the risks for traders using high leverage amid rapid price fluctuations.