Bitcoin price fell to $71,000 as total liquidations exceeded $500 million

Another sudden drop occurred in the cryptocurrency markets, causing more than $130 million to be liquidated in less than an hour.

Bitcoin’s price took another hit in recent hours, falling towards $71,000 after failing to maintain the weekend momentum that took it to around $74,000.

The asset fell nearly 3% on the day, hitting an intraday low near $71,300.

It is also important to note that the sudden decline led to a wave of forced liquidations in the cryptocurrency derivatives market. CoinGlass data shows that total liquidations exceeded $500 million in the past 24 hours, with $135 million occurring in the past hour alone. Many traders were caught on the wrong side of the move, and long positions accounted for the majority of the sweeps. This also indicates that many traders were anticipating a continuation of the rally after Bitcoin’s previous attempt to settle near $74,000.

BTC was among the leading assets in terms of liquidation volume, along with Ethereum, which often happens during market-wide sweeps.

The sell-off comes after days of shaky price action, during which the cryptocurrency has been on repeat to fail To restore higher resistance levels. With Bitcoin now hovering near $71,000, the market appears to be entering a more defensive and bearish phase. A deeper break below this area could intensify selling pressure and possibly trigger another round of volatility.