Bitcoin ($BTC), the flagship crypto asset, has recorded a notable plunge as the liquidations have hit the market on Friday. The market data discloses that Bitcoin has dipped below $116K to reach $115,356 while the long positions are facing broad-level liquidations. This development appears alarming for the market and could further influence the market performance in the coming time. Additionally, with this, the recent bullish sentiment has received a severe blow.
Bitcoin Dips to $115K, Triggering Market-Wide Long Liquidations
In line with the market data, after reaching a new all-time high price level of $123,100, Bitcoin ($BTC) has been continuously declining. In this respect, it has recently slumped below the $116K at $115,356. Hence, several Bitcoin ($BTC) long positions have gone through liquidations over 24 hours.
Particularly, 213,729 traders quit the market in the meantime as the cumulative liquidations touched the $731.93M mark. Additionally, the leading digital asset also occupied a staggering $140.06M out of the overall long liquidations. Similarly, Ethereum ($ETH) also dipped 1.33% to reach $3,598 while recording a $104.76M in liquidation. Along with that, Dogecoin dropped by 7% to nearly $0.22, resulting in $26M in total liquidations.
Despite Broader Downturn, Sentiment Remains Strong
Keeping this in view, the abrupt market downturn caught several traders off guard, badly impacting the bullish sentiment. Moreover, after the ATH of July 14, this denotes a noteworthy drop against the investor expectations. Nonetheless, despite this pullback, sentiment around the crypto market stands bullish, as the Crypto Fear & Greed Index has touched 70 points.
However, based on the latest market statistics, after the recent plunge, Bitcoin has seen a resurge above the $117K mark, while trading at $117,200. Even then, this price level signifies a 1.2% dip over the past twenty-four hours. Along with that, Galaxy has asserted its accomplished sale of the total 80,000 $BTC, boasting one of the biggest national Bitcoin transfers. This also raises concerns over potential market impact in near term.
