Cryptocurrency markets saw a sudden downturn and a widespread wave of liquidations, as Bitcoin’s price briefly plunged below $73,000, touching $72,994. This sharp, rapid move liquidated around $200 million in leveraged long positions (Crypto Longs) in just 15 minutes.

Price action and selling pressure details

These sharp fluctuations come after a period of relative stability and accumulated selling pressure. Their key features are as follows:

• Previous price range: The currency traded between $73,500 and $75,500 over the past few days.

• Testing the lows: The price tested lows spanning several weeks at $73,500–$73,700 before breaking below them.

• Position liquidations: Most recent liquidations were concentrated primarily in long positions due to the sudden drop$BTC