Friday saw the biggest cryptocurrency in the world briefly surpass $70,000 before plunging roughly 3% to below $68,000. On Friday, exchanges experienced significant selling pressure in response to Bitcoin’s latest attempt to reach all-time highs, capping the rally above $70,000. Though not as sharp, the drop was similar to Tuesday’s correction from $69,200. Leveraged derivatives trade liquidations totaled $240 million during the day, which is less than the $1.2 billion loss on Tuesday.
For supporters of bitcoin (BTC), who, for the second time this week, hardly had time to celebrate a brief rise to a record high before prices swiftly fell. According to data from the Bitcoin Index (XBX), bitcoin broke through the Tuesday record of roughly $69,200 and reached $70,136 in the early hours of U.S. trading. However, selling quickly gained traction, and less than an hour later, the price dropped to as low as $68,600, a 3% decrease.
Once Bitcoin surpassed $70,000, nearly 1,000 BTC of sell orders worth approximately $70 million appeared on Binance and OKX, providing an immovable barrier to further gains and rapidly driving the price lower.
As of right now, Tuesday’s action, when Bitcoin hit a new record high for the first time this week, is more severe than today’s reversal. After that, the price fell as much as 14% before hitting a low point of about $59,000.
