Key facts
- Bullish crypto bets totaling $1.6 billion were liquidated.
- Ethereum, Solana, and Dogecoin prices fell by approximately 9%.
- The largest single liquidation was a $59.67 million BTC-USDT long on HTX.
- Bitcoin is at risk of dropping below $65,000, with the $60,000 level being crucial.
- Geopolitical tensions between the US and Iran have impacted market sentiment.
- Veteran trader Peter Brandt projects a potential decline to $56,000 for Bitcoin.
The cryptocurrency market saw significant liquidations totaling $1.6 billion in bullish bets as major assets experienced price drops. Ethereum, Solana, and Dogecoin each fell by approximately 9%. The largest single liquidation involved a $59.67 million BTC-USDT long position on the HTX exchange. Bitcoin is currently at risk of falling below $65,000, with traders watching the $60,000 level closely. Geopolitical tensions between the US and Iran have negatively impacted market sentiment, although some analysts suggest that leveraged liquidations, heavy ETF outflows, and technical breakdowns were more significant drivers than the news itself. Veteran trader Peter Brandt has identified an expanding triangle pattern in BTC, projecting a potential decline to $56,000, while noting that a move above $75,000 would invalidate this bearish outlook.