‘Groundhog Day’ in Crypto as Bitcoin Again Plunges Following New Record

The world’s largest crypto briefly rose above $70,000 Friday, but immediately tumbled about 5% to below $67,000.

• Bitcoin’s latest attempt at all-time highs met with large selling pressure on exchanges Friday, capping the rally beyond $70,000.
• The decline mirrored Tuesday’s correction from $69,200, but wasn’t as severe.
• Liquidations of leveraged derivatives trades reached $240 million during the day, less than Tuesday’s $1.2 billion wipe out.
• It’s deja vu all over again for bitcoin (BTC) bulls, who for the second time this week barely had a few seconds to celebrate a surge to a new-all time high before prices quickly reversed sharply lower.
• In the morning hours of U.S. trading, bitcoin took out the Tuesday record of about $69,200 and rose to $70,136, CoinDesk Bitcoin Index (XBX) data shows. But within seconds, selling took hold and less than one hour later, the price had tumbled about 5% to as low as $66,500.
• At press time, bitcoin was trading at $66,950, down marginally for the day. The broader CoinDesk 20 Index (CD20) was modestly in the green.
• Friday’s decline from all-time highs liquidated $240 million worth of leveraged derivatives trading positions across all digital assets, much less than Tuesday’s nearly $1.2 billion, according to CoinGlass. This was likely due to that the market wasn’t as frothy with leverage as before the flush earlier this week.
• Read more: Bitcoin Tumbles 10% After Hitting Record High; Triggers $1B Crypto Liquidations
• Nearly 1,000 BTC of sell orders on Binance and OKX, worth some $70 million, posed an insurmountable resistance for further gains once bitcoin topped $70,000, quickly pushing the price lower. source coindesk.com