Following a streak of remarkable gains and consecutive all-time highs, the price of Bitcoin has undergone a significant retracement, hitting a weekly low of $67,000.
Over the past 24 hours, the broader altcoin market has also turned bearish, leading to the liquidation of nearly 200,000 traders.
Bitcoin’s recent surge propelled the asset from $61,000 to over $73,000 within a span of ten days. Just yesterday, Bitcoin nearly touched $74,000, marking a new milestone for the primary cryptocurrency.
Altcoins followed suit, with several reaching multi-year highs. Ethereum surpassed $4,000, SOL peaked at $180, and BNB surged past $600.
However, such rapid rallies often precede sharp retracements, as some investors choose to capitalize on profits. Warnings about potential pullbacks were prevalent in the market.
Bitcoin initially dipped to $70,000 before further downward pressure pushed it to $67,000, a level unseen in a week.
Altcoins also suffered losses, with Ethereum and BNB declining by 7% to under $3,700 and $575, respectively. Dogecoin (-12%) and Shiba Inu (-11%) experienced the most significant declines among larger-cap altcoins.
These adverse price movements resulted in the liquidation of more than 190,000 traders, according to CoinGlass. The total value of liquidated positions approached $700 million, with the largest liquidation occurring on OKX, exceeding $13 million.
