Bitcoin drops below $87,000, $200 million long positions liquidated within 1 hour

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Source: DigitalToday Original Title: Bitcoin Falls Below $87,000… $200 Million Liquidated in 1 Hour Original Link: Bitcoin plummeted below $87,000 as the New York Stock Exchange opened, with $200 million worth of long positions being liquidated within an hour.

On the 15th(local time), blockchain media Cointelegraph cited on-chain analysis firm CoinGlass(CoinGlass) data indicating that selling pressure concentrated, with major exchange and Wintermute identified as key sources. Market analysts are predicting further declines in Bitcoin, with some suggesting a potential rebound at $84,000.

Meanwhile, the largest Bitcoin holder, Strategy(Strategy), disclosed through the U.S. Securities and Exchange Commission(SEC) that it purchased an additional 10,645 BTC at $92,098 each. However, market reactions were tepid. On-chain analysts noted that the premium paid for Bitcoin long positions over short positions has fallen to its lowest level since July, indicating a possible formation of a long-term price bottom.

Experts warn that the market remains highly volatile and advise investors to exercise caution.

BTC-0.65%
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