Bitcoin (BTC) Struggles to Hold Above $60K, Another $200M Liquidated

Bitcoin can't seem to leave the $60,000 price level as it continues to trade in uncertainty. On Saturday, August 3, the cryptocurrency experienced another sharp decline, briefly dipping below the $60,000 mark.

Despite rallying to highs of $62,000 earlier on Saturday, the apex crypto couldn’t seem to maintain its footing at the price level. This resulted in another sharp decline that briefly saw BTC dip below the $60,000 crucial support.

The sell-off pressure experienced by Bitcoin on Saturday was quite significant as it led to the liquidation of numerous long positions. According to data from Coinglass, over $197 million worth of leveraged positions were liquidated in the past 24 hours.

At the peak of the selling pressure, this figure soared to as much as $288 million. Bitcoin was trading at $59,000 at the time of writing, down 1.3% over the past 24 hours and up 1.5% over the past seven days.

This comes as Bitcoin’s inability to maintain a stable position above $60,000 continues to highlight the uncertainty and speculative nature of the cryptocurrency market.

Traders and investors are keeping a close eye on BTC’s price movements amid reports of Genesis Global Capital repaying its debts and adding more digital assets to the market.

Given Bitcoin and Ethereum’s market dominance, this cautious approach has led to a lingering bearish sentiment surrounding other cryptocurrencies.

While Bitcoin and Ethereum had the highest liquidated positions, the impact spilled over into other digital assets. Other إف that experienced significant liquidations include Ethereum ($57.22 million), Solana ($15.35 million), and XRP ($8.23 million).

According to Coinglass data, the total liquidation amount reached $197.72 million, with the majority ($159.88 million) in long positions. Binance, OKX, and Bybit had the highest liquidation amounts on Saturday.

Moreover, Binance had the highest liquidation amount at $85.88 million, out of which 80% were long liquidations. OKX and Bybit also had a long liquidation rate of 80%, with total liquidation amounts of $65.83 million and $16.47 million, respectively.

However, the crypto industry does experience sporadic liquidations of such huge amounts, especially given the prevailing short-term bearish sentiment that results in most of these liquidations being on long positions.

For instance, on June 24, the market saw almost $300 million worth of positions liquidated in less than 24 hours. Similarly, over $360 million worth of positions were liquidated on June 7 when the Bitcoin price crashed from $71,000 to $68,000.

Recent market dynamics suggest that the industry might not be out of the woods yet concerning such liquidations. Bitcoin continues to struggle to hold above $60,000, a trend that could persist in the coming weeks.

This is partly because Spot Bitcoin ETFs, which have historically been a catalyst for Bitcoin price surges, ended last week on a negative note. Specifically, they concluded Friday’s trading session with $237.4 million in outflows, the largest daily outflow since May 1.