Bitcoin Plunges Below $76,000, Triggers $100 Million in Long Liquidations

Bitcoin prices plummeted below $76,000, triggering a cascade of long liquidations worth over $100 million. This sudden drop caught bullish traders off guard and led to a wave of forced selling across various platforms.

In August, Bitcoin's price dropped from $79,500 to $77,000, resulting in $547 million in liquidations. During this period, total liquidations exceeded $1.2 billion, with long positions accounting for a whopping $659 million compared to just $148 million on the short side.

The current volatility follows a pattern seen in May when Bitcoin fell below $75,000 and produced $923 million in total liquidations, with long positions making up $834 million of the total pain.