• BTC stumbles below $70,000.
• Liquidation crosses $100 million.

Bitcoin [BTC] surged past the $73,000 price level, fueling anticipation of a potential new all-time high (ATH). However, the price dropped below the $70,000 mark, triggering a significant volume of liquidations.

Bitcoin falls below $70,000

On 14th March, Bitcoin experienced a significant downturn, lowering its price by over 2% to approximately $71,400. This decline followed its surge above $73,000, marking a new all-time high for BTC.

At the time of this writing, the price had fallen to around $66,880, reflecting a decline of over 8%. This marked the first consecutive decline for BTC since late February. 

Furthermore, it also signaled the first exit from the overbought zone for the Bitcoin Relative Strength Index (RSI) since then, with the RSI trending below 70. Despite these declines, Bitcoin remained in a strong bullish trend.

However, the downturn led to a significant increase in liquidation volume.

Bitcoin sees over $140 million liquidation

Analysis of the Bitcoin liquidation chart on Coinglass revealed that by 14th March, the liquidation volume had surged to over $143.6 million.

Long positions bore the brunt of the liquidation, accounting for over $111 million, while short positions also saw significant liquidations totaling over $32.6 million. At the time of this writing, liquidations continued, with long pos

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Author: Adewale Olarinde

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