Bitcoin price has seen a significant drop. In 12 days, the price dropped from $66,500 to $58,900, a drop of 11%. This drop was accompanied by a large wave of long position liquidations.

- Decline on October 1: $239 million

- Decline from October 9 to 10: $290 million

This marks the largest amount of long position liquidations since June 2022, or in the last 28 months. Despite the market pressure, optimism towards BTC remains high among analysts.