Bitcoin fell 0.7% on April 28, briefly dropping below $76,000 as global markets lost momentum following a pause in Middle East geopolitical tensions.
The cryptocurrency slid to an intraday low of $75,657 before recovering slightly to trade near $76,200, failing to sustain earlier gains that saw it approach $77,474.
The move triggered approximately $43 million in long liquidations over 24 hours, compared with $8 million in short liquidations, as market cap declined to $1.52 trillion.
Analysts at Bitunix said the price action reflects a shift into a long liquidation phase, with leveraged positions driving volatility.
“After approaching the $80,000 level, the price has rotated lower, shifting into a long liquidation phase,”
A Bitunix analyst said.
The analyst added that liquidation clusters between $76,000 and $77,000 are creating downside pressure, while resistance remains in the $78,500 to $80,000 range.
Bitcoin is now expected to trade within a bi-directional range as liquidity conditions and leverage positioning, rather than macro safe-haven demand, dominate short-term price action.
At the time of reporting, Bitcoin price was $77,214.47.