Bitcoin pulls back to $69,000 as $255M positions liquidated; 73% shorts wiped out
Synopsis
Bitcoin saw a slight decline on Tuesday after touching $69,500. Major altcoins also experienced drops. This movement followed de-escalation signals, leading to liquidations. Corporate accumulation continues to support the sector. The global crypto market capitalization edged down. Analysts suggest Bitcoin faces resistance near $70,000-$72,000, with upcoming U.S. CPI data being a key trigger.
Bitcoin slipped to around $68,500 on Tuesday after hitting an intraday high of $69,500 on hopes of a ceasefire, before easing back. It was last trading near $68,885.
Over the past 24 hours, Bitcoin fell 0.37%, while Ethereum declined 0.70% to $2,115. Among major altcoins, XRP, Solana, Tron, Dogecoin, Hyperliquid, and Cardano fell up to 4.71%, while BNB edged up 0.07%.
Also Read | Silver ETFs tumble up to 15% in 2 months, domestic pricing rule kicks in. What should you do?
The rebound coincided with the de-escalation signals from Trump’s comments. This movement led to approximately $255 million in liquidations over the past 24 hours, of which 73% involved short positions, said WazirX Market’s Desk.
Crypto TrackerTOP COINS (₹) Tether93 (0.13%)BNB55,645 (-0.46%)Bitcoin6,391,195 (-0.66%)Ethereum195,936 (-1.08%)XRP122 (-1.87%)
It further said that corporate accumulation continued to support the sector. Strategy acquired 46,233 BTC over just over a month, outpacing the roughly 16,200 BTC mined in the same period by nearly three times.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »
Live Events
The global crypto market capitalisation edged down 0.66% to $2.35 trillion, according to .
Ethereum and Bitcoin were up 2.59% and 1.94% respectively in the last one week. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid slipped upto 3.99% whereas Cardano was up 0.45%.
Riya Sehgal, Research Analyst, Delta Exchange said from a technical standpoint, Bitcoin faces strong resistance near $70,000–$72,000; a confirmed breakout could extend the rally toward fresh highs, while failure to hold $68,000 risks a short-term correction.
Overall, the market remains in a breakout-versus-fakeout phase. While near-term volatility is elevated, improving liquidity trends and institutional participation continue to support a constructive medium-term outlook for digital assets, Sehgal further said.
Here is what other analyst say
Vikram Subburaj, CEO, Giottus : On-chain data suggest the market is stable but not yet in expansion. Bitcoin is trading roughly 20-22% above its realised price (~$54,000–$55,000). This represents the aggregate cost basis of holders and tells us that the market is no longer in a stress phase.
Also Read | Parag Parikh Flexi Cap and Quant Small Cap among 25 mutual funds that offer over 15% CAGR in 3, 5, 7 and 10 years
CoinSwitch Markets Desk : Derivatives activity is picking up , BTC futures open interest has jumped 8.09% in the last 24 hours, showing traders are increasing leveraged positions. BTC is now at a crucial zone, holding above $70K could open room toward $71.5K–$73K, while slipping below $69K may lead to a short-term drop toward $68.5K.
Akshat Siddhant, Lead quant analyst, Mudrex : The institutional buying continues to provide support, with Strategy adding 4,871 BTC over the past week, helping absorb selling pressure. Looking ahead, the upcoming U.S. CPI data is a key trigger; a softer print could strengthen expectations of rate cuts and push BTC toward $75,000.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and Twitter handle.
