Bitcoin Tumbles to $65K as $1.8B in Crypto Positions Liquidated

Bitcoin ($BTC) has dropped 8% to a nine-week low of $65,360 from Tuesday's high of $71,300, as geopolitical risks around the US-Iran conflict weigh on risk assets. Key takeaways: Bitcoin slipped to $65,000 on Wednesday in a market-wide correction, liquidating $774 million in longs. Traders say Bitcoin needs to hold $60,000 as support to avoid a deeper correction in $BTC price.

Bitcoin wipes out longs in tumble to $65,000. Data from TradingView showed new $BTC price lows of $65,362 on Bitstamp — the lowest since March 29 — as sellers stayed firmly in control. $BTC/USD daily chart. Source: Cointelegraph/TradingView. The move extended the deviation from the local high of $82,800 to 21% and came with massive liquidations across the derivatives market. Related: Bitcoin's $224K 'fair value' may emerge if sovereign debt fears deepen: Bitwise. More than $1.58 billion in long positions were liquidated, with Bitcoin accounting for $774.2 million of that total. Ether (ETH) followed with $440 million in long liquidations. Across the board, a total of $1.83 billion was wiped out of the market in short and long positions — the largest liquidation event since Feb. 6, when $BTC price tanked to its multi-year low below $60,000. Total crypto liquidations across all exchanges. Source: CoinGlass.

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