Bitcoin experienced significant volatility as its price dropped from above $62,000 to a daily low of $60,541. This fluctuation coincided with indications of sell pressure, reflected in the Coinbase premium gap.
The decline resulted in over $40 million worth of bitcoin long positions being liquidated. This was part of a broader market trend, with total liquidations amounting to $169.45 million across both long and short positions in various cryptocurrencies over a 24-hour period.
