Bitcoin's dip to $70,159 wiped out over 152,000 traders
Bitcoin took a sharp dip to around $70,159 on Tuesday before bouncing back slightly.
This sudden drop wiped out over 152,000 traders in just 24 hours, with nearly $744 million in liquidations.
According to Riya Sehgal from Delta Exchange, the fall came as traders quickly closed risky positions and shifted to a safer approach.
Risk of Bitcoin falling to $68,500
Bitcoin slipped past its key support zone of $72,500 to $73,000 and is now hovering near $70,000. If it keeps falling, there could be more downside toward $68,500.
Ethereum also faced selling pressure thanks to less network activity and ongoing ETF outflows.
Geopolitical tensions, like the Israel-Hezbollah conflict, and big money moving out of crypto are adding uncertainty.
Vikram Subburaj of Giottus suggests that what institutional investors do next will determine whether Bitcoin consolidates near $70,000 or attempts another move toward $80,000.
For now, everyone's watching ETF flows and global news for clues on where things go from here.