Bitcoin Drops Below $80,000 as Leveraged Long Positions Unwind

Bitcoin fell below the $80,000 mark, a level that has served as a psychological and technical anchor for traders in recent weeks. The drop came with unusual speed, catching leveraged long positions off guard and forcing automatic liquidations across major derivatives venues. Accounts of the scale differ depending on the time window measured. BeInCrypto reported that roughly $200 million in leveraged positions unwound within a single hour as the price broke below $80,000. The Block, measuring over a longer four-hour window, put total long liquidations at $404 million.