Traders Push Bitcoin Below $76,000 as $43M Long Liquidations Trigger Drop

On Tuesday, April 28, Bitcoin fell by 0.7% and dropped below the $76,000 level amid a lull in global markets caused by easing geopolitical tensions in the Middle East.

Key takeaways:

• On April 28, Bitcoin declined 0.7% to $76,200 as markets shifted focus away from Middle East geopolitical risks.
• Analysis by Bitunix shows that as Bitcoin’s market capitalization fell, $43 million in long positions were liquidated.
• Bitunix analysts expect Bitcoin to trade within the $76,000–$80,000 range based on current leverage levels.

Bitcoin drops below $76,000

Bitcoin declined again on Tuesday, April 28, this time falling below $76,000 as global markets struggled to find direction amid a geopolitical lull. Market data over the past 24 hours shows that Bitcoin initially rose to an intraday high of $77,474 before reversing and erasing earlier gains.

The sell-off continued, and by 10:39 a.m. EDT, the leading cryptocurrency dropped to $75,657 — its lowest level since April 22. After hitting this low, Bitcoin rebounded back to $76,000 in a recovery rally; however, this was not enough to offset losses, and it closed the 24-hour period down 0.7%. At the time of writing (2:30 p.m. EDT), Bitcoin was trading around $76,200.

The slight decline also reduced Bitcoin’s market capitalization to $1.52 trillion from $1.54 trillion 24 hours earlier. This drop triggered a sharp decrease in the value of liquidated leveraged positions. Market data shows that nearly $43 million in long positions were liquidated over 24 hours, compared to $8 million in short positions. For comparison, $110 million in long positions were liquidated on Monday alone.

As the Middle East conflict entered a fragile stalemate over the past 48 hours, attention on Tuesday shifted toward broader global policy divergence and accelerating liquidity repricing, highlighting how geopolitical inertia now directly impacts market valuation. According to a Bitunix analyst, this backdrop partly explains why Bitcoin failed to sustain the upward momentum that pushed it to $79,490 early Monday.

“After approaching $80,000, the price reversed downward, entering a phase of long liquidation. Liquidation maps show renewed concentration of long liquidation risk in the $76,000–$77,000 zone, while the $78,500–$80,000 range continues to act as a pressure and liquidity cluster from short positions,” the Bitunix analyst said.

According to the analyst, this creates a classic bidirectional incentive structure, where leveraged positions drive both upward and downward movements.

At the same time, the analyst noted that Bitcoin no longer primarily reflects safe-haven demand at this stage. Instead, it is now driven by liquidity conditions and leverage structure, with price dynamics shaped more by tactical positioning than structural flows.