Bitcoin Drops Below $82,000 Amid $120 Million in Liquidations

Bitcoin's price fell below $82,000 during intraday trading on October 12, resulting in the liquidation of approximately $120 million in leveraged long positions within just 15 minutes. This rapid decline forced exchanges to close these bullish bets, which are based on the expectation that Bitcoin's price would continue to rise. The liquidation process exacerbated the price drop, as each automatic sell order contributed to further downward pressure on the cryptocurrency's value.

Data from platforms such as CoinGlass and Hyperliquid indicated that traders had significant long exposure leading up to the price drop. CoinGlass reported that long positions accounted for the majority of the liquidations, while traders betting on price declines, known as shorts, fared better during this period. Following the decline, Bitcoin was trading in the low $82,000 range, with traders closely monitoring a support zone between $81,300 and $82,000, where buying interest has previously emerged.

This recent downturn follows a pattern of volatility for Bitcoin, which had previously reached highs between $85,000 and $87,000 earlier in October. A notable profit-taking phase near these peaks contributed to the subsequent price retreat. On October 8, Bitcoin had already experienced a drop below $81,000, leading to over $1 billion in liquidations within 24 hours, primarily affecting long positions. The latest $120 million liquidation, while significant, was comparatively restrained in terms of total value and occurred at a much faster pace. No major regulatory changes or protocol updates were reported during this period, suggesting that the price fluctuations are primarily driven by traders unwinding leverage rather than external factors.

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Source: KLEA News