Bitcoin prices fell nearly 4% within 24 hours, dropping from $72,500 to just above $69,000, contributing to a total market cap decline of 5.5%. This price movement resulted in over $250 million in liquidations for bullish futures positions. Prior to the decline, the Crypto Fear and Greed Index indicated 'extreme greed', which often precedes market corrections. By Friday, the index showed 'greed', hinting at potential further price declines. Approximately 90% of futures bets were long, reflecting a bullish sentiment that existed before the drop. Liquidation losses included $88 million in BTC futures, $44 million in ether, and $15 million each for SOL and DOGE futures. The overall bullish market, influenced by global monetary policies and political factors, aimed at pushing Bitcoin towards $80,000 in upcoming weeks. However, the significant liquidations highlight an overreaction from traders, suggesting a possible market turning point as Bitcoin open interest peaked earlier, signaling possible changing dynamics in trading behavior.

Source 🔗