Bitcoin Witnesses Flash Sell-off After Hitting New All-time High

• At the time of writing, Bitcoin is trading at $62,280 as per data from CoinMarketCap.
• BTC’s price has fallen 7.48% in its most dramatic period after hitting a new ATH recently.

Very soon after reaching an all-time high (ATH) of $69,170, Bitcoin is already seeing a dramatic decline in its price. Up until recently, the Bitcoin price has maintained a steady upward trajectory this week. BTC’s price has fallen 7.48% in its most dramatic and sudden drop since the beginning of the year, according to recent market statistics. At the time of writing, Bitcoin is trading at $62,280 as per data from CoinMarketCap.

A total of around $680 million has been liquidated in the previous 24 hours due to the unexpected price fall, according to statistics from CoinGlass. The analytics platform estimates that there are 200,243 liquidated traders, with long traders bearing the most of the loss.

Necessary Course Correction

With a total of $201.14 million, Bitcoin had the highest number of liquidations among the assets examined. Long traders were affected to the tune of $111.45 million, while short traders lost $89.69 million.

Following its first price surge over the $3,500 level since November 2021, Ethereum also saw heavy liquidations. After 24 hours, the coin’s liquidation totaled $109.6 million, with $37.24 million coming from longs and $72.36 million from shorts.

The positive momentum of other cryptocurrency assets waned as well; $35 million and $33 million were the amounts liquidated by Dogecoin (DOGE) and Shiba Inu, respectively.

After a week of tremendous price gains, the recent pullback in Bitcoin is seen as a necessary course correction. Analysts are hopeful that the current pullback will act as a catalyst to propel the Bitcoin price to new levels.

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