🔥Bitcoin's Recent Brutalizing Dip Costs Traders $256M in Long Positions!😭

As traders are still licking their wound from the punishing drop in crypto prices, Bitcoin's price took a sharp dive, shedding over 7% in the past day, causing long-position traders to suffer a hefty $256 million in losses. Despite worries over geopolitical tensions in the Middle East, analysts reassure that such drops are par for the course.

"This is just a typical downturn," remarked Benjamin Cowan, echoing sentiments shared by MicroStrategy CEO Michael Saylor, who sees chaos as beneficial for Bitcoin. Crypto trader Rekt Capital remains optimistic, predicting a bullish resurgence after a short-term setback. Bitcoin dipped to $60,919 before stabilizing at $62,060, currently hovering around $63,858.

The plunge triggered a wave of liquidations totaling $319.15 million, with long positions accounting for $256.58 million and short positions $62.58 million.

Investors brace for more turbulence, with $1.05 billion in short positions at risk if Bitcoin reverts to $67,000. The broader crypto market also felt the pinch, with $945.9 million liquidated from 253,554 traders.

The fear and greed index sits at 72, indicating greed, though slightly down from last week's 78. The global crypto market cap took an 8% hit, now at $2.23 trillion.

On the flip side, demand from Bitcoin whales is surging, surpassing new supply for the first time, signaling growing scarcity post-halving.

How are you holding up your positions in the crypto market?

#BullorBear #bitcoinhalving #HalvingHorizons #BTC #SHIB $BTC $ETH $BNB

>>HodlGang