Bitcoin's price volatility intensified at the start of the business week, marked by a sharp rejection at $84,000 followed by a steep crash and a subsequent recovery within a matter of hours.
After being driven down to an 18-day low of $80,400 late last week, Bitcoin recovered to $83,000 over the weekend. An attempt to break the $84,000 resistance level on Monday morning was met by bearish intervention, leading to a nose-dive on Tuesday morning that saw BTC drop to $80,850 on Bitstamp. Following this low, the asset rebounded to nearly $83,500.
Major altcoins mirrored Bitcoin's trajectory. Ethereum slumped to $2,410 before recovering $100, while XRP dropped to a morning low of $1.31 before rising to $36, leaving it down more than 3% over a 24-hour period after stalling at $1.40.
The substantial market fluctuations resulted in a surge in liquidations. According to CoinGlass data, total daily liquidations surpassed $810 million across both long and short positions, with long positions accounting for approximately 85% of the total.
A total of 173,611 traders were wiped out during the volatility. The single largest liquidated position occurred on Binance and was valued at over $9.6 million.
