Bitcoin (BTC) has dropped 8% to a nine-week low of $65,360 from Tuesday’s high of $71,300 amid increasing geopolitical risks surrounding the US-Iran war.
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
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Data from TradingView showed new BTC price lows of $65,362 on Bitstamp, the lowest since March 29 as sellers stayed in control.
BTC/USD daily chart. Source: Cointelegraph/TradingView
This extended the deviation from the local high of $82,800 to 21% and was accompanied by 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
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