Bitcoin and crypto traders hoping for a rebound are facing losses as the week kicks off.
Bitcoin’s price dropped from $67,695 to $63,962 within 24 hours, leading to $616.41 million in liquidations according to CoinGlass.
The majority of the liquidations affected long positions, totaling $524.28 million.
Bitcoin has now seen five consecutive monthly declines, marking a significant downturn in its history.
Today’s decline comes amidst a broader market retreat, as investors assess the impact of the Supreme Court’s decision on Trump’s tariffs.
Looking at the bigger picture, crypto analyst Michaël van de Poppe notes that Bitcoin is still in a downtrend compared to gold.
“Bitcoin’s inability to sustain above $65,000 is concerning as it continues to decline.
On the other hand, gold is on the rise, highlighting the ongoing inverse correlation. The trend remains downward, and it will be interesting to see how it evolves in the coming months.”
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