Bitcoin briefly surged to $72,280 early in the day before reversing sharply lower, producing a clear intraday V-shaped move. At press time, BTC had rebounded to $70,183. Ether followed a similar path, rising to $2,150 before giving back gains and trading at $2,070.
Sharp rally fades within hours
The move came after a violent sell-off in previous days, when Bitcoin had fallen below the $60,000 level. Around 7 a.m., BTC suddenly pushed toward $72,300, but the rally did not hold and quickly turned into a pullback. Ether also failed to keep its breakout, slipping back below the $2,100 area after touching $2,150.
Nearly 90,000 traders liquidated in 24 hours
According to CoinGlass, close to 90,000 traders were forcibly liquidated across the market over the past 24 hours. Total liquidations reached $344 million, with short liquidations making up the largest share. The data points to a rapid squeeze on bearish leveraged positions during the sudden upswing.
Leverage remains a key source of volatility
From a technical perspective, the report notes that Bitcoin’s break below the $60,000 support level had already weighed on market sentiment. The sudden rebound then triggered a fresh round of liquidations. Analysts cited in the source tied the broader sell-off to several overlapping factors: uncertainty in the global macro environment, profit-taking by some large institutional investors, and chain-reaction liquidations after leverage built up too far.
The source also said leverage in the crypto market had been at historically high levels before the drop. Many traders were using high leverage to take long positions in Bitcoin and Ether. Once prices started falling, those positions were forced out, adding more selling pressure. The later rebound then squeezed short positions, keeping volatility elevated over a short window.