Bitcoin Drops 3.51% to $70,440 as $250M Liquidated; Bull Score at 10
Bitcoin fell 3.51% to $70,440.60 as over $250 million of long positions were liquidated in the past 24 hours. Open interest in Bitcoin futures dropped 5.78%, and CryptoQuant’s Bull Score remains at 10/100, indicating a relief rally with resistance near $79,000 and $90,000.
1. Price Decline and Liquidations
Bitcoin retreated 3.51%, sliding from its recent $74,000 peak to $70,440.60 as more than $250 million of long positions were liquidated over the past 24 hours. This pullback reversed gains across major cryptocurrencies and trimmed the global market capitalization by over 2%.
2. Derivative Markets and Sentiment
Open interest in Bitcoin futures fell 5.78% in the last day, reflecting reduced leverage and cautious positioning. Retail derivative sentiment on Binance held at a neutral stance while whale traders took advantage of lower prices, and the Crypto Fear & Greed Index registered extreme fear.
3. CryptoQuant Assessment and Resistance Levels
CryptoQuant analysis places Bitcoin’s Bull Score at 10/100, reinforcing that the uptick is a relief rally rather than a new bull phase. Major resistance levels stand near $79,000 and $90,000, corresponding to traders’ realized prices from earlier rallies.