$129 Million Bitcoin Liquidated: Market Witnesses Wave of Liquidations as BTC Plunges

This afternoon, the cryptocurrency market experienced a liquidation storm. In just 60 minutes, over $129 million in long positions were forced to close as Bitcoin sharply reversed downward. This was not an ordinary sell-off but a precise wipeout amplified by leverage — a sign that the market has become very sensitive.

Leverage Liquidation Wave Triggers Market-Wide Shock

According to market data, Bitcoin is currently trading around $71.09K, down 4.38% in the past 24 hours, while Ethereum (ETH) faces even greater pressure, dropping 5.73% to $2.20K. Altcoins are also not spared — Solana (SOL) fell 5.24% to $89.98, and Ripple (XRP) lost 4.51% to $1.46.

The market heatmap tells a clear story: BTC and ETH lead the decline wave, dragging other altcoins down. When prices hit key support levels, long-position holders with high leverage become most sensitive. A slight dip is enough to trigger a cascade of margin calls, forcing traders to close positions immediately.

The Mechanism of Wipeout: When Price Hits Thresholds, Long Leaders Fall into Traps

Events like these are market self-corrections. When a large volume of long positions are wiped out, downward momentum intensifies, creating a self-reinforcing loop — which is why $129 million can be liquidated in such a short period.

However, liquidation waves are often not the market’s final cause. After weak positions are cleared out, the market can undergo a quick recovery. Excessive leverage has been cleaned up, weak players have left the exchange, and this can serve as a springboard for a rebound.

Market Recovery: From Local Turning Point to Future Signal

The current question is: is this liquidation wave just a local turning point or the start of a deeper downtrend? Market history shows these events often mark critical transition points — possibly a further wipeout or the setup for a strong bounce.

Bitcoin is now at key levels. A wrong move could lead to more liquidations, but an accurate recovery might open a new growth phase. Everything depends on BTC’s next move and how the market reacts to these price levels.