Why did Bitcoin drop below $76,000 on April 28?

Bitcoin fell 0.7% as global markets lost direction and geopolitical tensions eased, reducing safe-haven demand. The price dropped to around $75,657 before stabilising near $76,200. The move reflects shifting macro sentiment and weaker momentum.

What caused the $43 million in Bitcoin liquidations?

Roughly $43 million in long positions were liquidated as Bitcoin’s price declined. This happens when leveraged traders are forced to close positions due to falling prices. Liquidations can accelerate downside moves by adding selling pressure.

What does “long liquidation” mean for Bitcoin traders?

Long liquidation occurs when traders betting on price increases are forced out as prices fall. Their positions are automatically sold to cover losses. This often amplifies volatility and can trigger cascading price drops.

How significant is the imbalance between long and short liquidations?

The market saw $43 million in long liquidations versus only $8 million in shorts. This imbalance shows that bullish positioning was heavily unwound. It suggests traders were overly optimistic before the pullback.

What price levels are key for Bitcoin right now?

According to Bitunix analysts, support is concentrated between $76,000 and $77,000. Resistance is seen in the $78,500 to $80,000 range. These levels are driven by liquidity clusters and leveraged positioning.

Is Bitcoin still acting as a safe-haven asset?

Not currently, according to analysts. Bitcoin is now behaving more like a liquidity-driven asset rather than a geopolitical hedge. Price action is being shaped by leverage and market positioning instead of macro fear.

How does this move affect Bitcoin’s market cap?

Bitcoin’s market capitalisation dropped from about $1.54 trillion to $1.52 trillion. This reflects the modest price decline but also highlights sensitivity to leveraged trading flows. Market cap changes often track price movements closely.

What is a “bi-directional range” in Bitcoin trading?

A bi-directional range means the price is expected to move both up and down within a defined band. In this case, analysts expect Bitcoin to trade between $76,000 and $80,000. This typically signals a period of consolidation.

Bitcoin drops below $76K as liquidations hit $43M

Written by Liezl GambePublished Apr. 29 2026

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.