Bitcoin Price Dives Below $64K, Liquidating $87M in BTC

Bitcoin's price action has taken a hit after dropping below $64,000 on Friday. The cryptocurrency briefly touched an intraday low of $63,666 before rebounding to above $64,000.

The sudden drop led to $312 million in total crypto liquidations, with $87 million of that amount attributed specifically to Bitcoin. Long positions accounted for $70 million of the $87 million in Bitcoin liquidations, while shorts made up $17 million.

This downturn has pushed Bitcoin's market capitalization down to $1.285 trillion from its previous high of $1.3 trillion. The broader crypto market cap has also been impacted, falling to approximately $2.28 trillion.