Bitcoin Triggers $1.2B in Liquidations Across Exchanges in Single Hour

A massive liquidation event hit the cryptocurrency market, with Bitcoin triggering $1.2 billion in liquidations across exchanges within just one hour.

The biggest single liquidation occurred on Binance, where a $21.76 million BTC short cascade took place. Meanwhile, Bitget saw a $32.18 million ETH short liquidation.

According to the price action data, Bitcoin tested its upper Bollinger resistance at $67,516.38 and registered an overbought RSI(14) reading of 85.32. The MACD was still holding a bullish golden cross at 864.61.

With the 50-EMA support sitting at $64,250.94 and the 200-EMA at $63,973.09, analysts predict a measured retracement toward those levels before any potential continuation higher.