Bitcoin’s 50% Dip From ATH Triggers Over $400 Million in Liquidations Across Crypto Market

The leading crypto is down almost 15% in the last 7 daysBitcoin previously experienced relief after the FOMC meeting and turned the markets greenA significant retrace below the $36,000 range followed shortly afterOther tokens like ETH and LUNA are also experiencing huge dips from all-time highs and recent highs as wellThe total crypto market cap is down to $1.58 trillion The latest market retrace caused massive liquidations across the market with ETH and BTC traders taking the biggest hitsA technical analyst opined that the markets might see lower levels

Majority of the cryptocurrency market is currently in a downward spiral as the worlds leading token Bitcoin fell below $33,000. As of press time, BTC is trading at $32,964 and has dipped more than 13% over the past 7 days, per data from CoinMarketCap.

Data from TradingView shows that BTC has not seen these levels since January 2022. Notably, Bitcoin is now trading more than 50% below its $68,000 all-time high from November 2021.

Similar to Bitcoin’s recent price movements, other crypto’s like Ethereum’s ETH and Terra’s LUNA have also recorded massive declines from previous highs. Ethereum is 7% down in the last 24 hours and trades around $2,378 while LUNA prices dipped to $60.34, a 27% crash in the past week alone.

In addition, the global crypto market cap fall fallen to around $1.58 trillion as of the time of writing this report.

Bitcoin’s Retrace Triggers $280 Million in Long Liquidations 

BTC’s most recent crash below the $33,000 region supposedly served as the catalyst for massive losses across the market. 

According to data from CoinGlass, traders have suffered over $400 million in liquidations in the past day alone. Furthermore, Bitcoin traders bared the brunt of the losses with more than $139 million in liquidations. Ethereum trades accounted for the second-highest losses with an estimated $120 million in liquidations.

Other tokens with significant losses included LUNA, SOL, DOGE, TRX, GMT, and APE to name a few.

Bitcoin Analyst Says Dip To $24K Might Happen

As the markets continue to take a tumble, a prominent crypto proponent and analyst has predicted a possible slump to lower levels. 

According to the Head of Market Research at Bitcoin Magazine, Dylan LeClair, BTC could hit a bottom price of $24,300 in line with historical price patterns during bear markets.

A #bitcoin dip down to it’s realized price (average on-chain cost basis) is entirely possible and has been consistent with previous market bottoms in bear market cycles.

Realized price is $24.3k at the moment.

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— Dylan LeClair 🟠 (@DylanLeClair_) May 9, 2022