Bitcoin price underwent a substantial correction today, a day after finally surpassing the coveted $50,000 line.
This resulted in the liquidation of a large number of traders, as well as the destruction of over $200 million in positions daily.
After a positive last week, in which BTC rose from $43,000 to over $48,000, the asset had a relatively calm weekend, hovering around the latter.
Monday began with a minor retracement that sent the cryptocurrency down a few hundred dollars, but it wasn’t long before the bears intercepted the market’s move and reversed its trajectory.
Later in the day, Bitcoin began another ascent which, this time, took it to just over $50,000. This became its highest price in more than two years.
However, as CryptoPotato warned, there were signs of a potential rejection, given the number of investors who could decide to take profits at this stage.
This appears to be the case, as BTC fell almost two thousand dollars from its high in about an hour. Despite some recovery in ground since then, the cryptocurrency still sits below $49,000.
This hurt overleveraged traders. In fact, 65,000 of these market participants were liquidated over the past day, with the total value of positions destroyed amounting to over $210 million.
The largest liquidated position took place on Binance, was worth $4.7 million and involved the ETH/USDT trading pair, according to CoinGlass data.