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Traders Push Bitcoin Back Above $73,000 After a $352 Million Liquidation Wave
The morning drop on May 28 to a session low of $72,642 brought Bitcoin close to locking in an overall loss for May, extending the week-long decline from the May 25 peak of $78,000.
Key Takeaways
- On Thursday morning, Bitcoin fell to a session low of $72,642, putting it at risk of ending May with a monthly loss.
- Volatile price swings triggered liquidations across the digital asset market totaling $921 million, dealing a serious blow to long positions.
- Wall Street’s muted reaction to later news about peace talks between the United States and Iran points to growing investor uncertainty.
Market data shows that shortly after falling below $72,700, Bitcoin quickly reclaimed the $73,000 level but ultimately lost momentum before reaching $73,500. Several attempts to test that level failed, and the cryptocurrency lost momentum, slipping below or hovering just above $73,400. However, around 9:00 a.m. Eastern Time, another wave of selling pushed Bitcoin down from $73,432 to $72,669. It remained stuck below $73,000 until a quick recovery after midday brought it back above the $73,000 mark.
At the time of writing, at 1:22 p.m. Eastern Daylight Time (EDT), Bitcoin was trading just above $73,350, reducing its daily losses to 2.3%. The decline brought its weekly loss to 5%, while its 30-day loss stood at just under 4%. Price action left its market capitalization virtually unchanged from the early-morning level, at around $1.46 trillion.
As noted in an earlier report, geopolitical tensions triggered the initial sell-off, with Bitcoin reacting sharply to reports of renewed military strikes between U.S. and Iranian forces. Although official negotiators downplayed the significance of the incident, the escalation undermined market confidence in a swift diplomatic breakthrough. Instead, it intensified concerns that both sides are maintaining the public appearance of diplomacy while preparing for conflict.
This skepticism was reflected in Wall Street’s restrained reaction to later headlines suggesting that a deal had been reached — a sign that investors are becoming increasingly less sensitive to shifting news about Middle East negotiations.
Meanwhile, Bitcoin’s volatile price action triggered $352 million in leveraged-position liquidations — a slight decrease of $14 million from the peak recorded when the asset first fell below $73,000 earlier in the day. As with the previous crash, long positions took the main hit, accounting for roughly $333 million of the total. Across the broader digital asset market, total liquidations rose to $921 million, with long positions accounting for $835 million in losses.
See also: "Ethereum Falls Below $2,000 as Retail Traders Rush to Buy the Dip"
