The slip-off in Bitcoin (BTC) price from the week has stirred a drawdown that caused the coin to drop below the $66,000 support level for the first time since it breached its All-Time High (ATH) above $73,000.

The Bitcoin (BTC) Price Rout

At the time of writing, market data pegs the price of Bitcoin at $65,777.25, down by 3.6% in 24 hours. There is evidence of volatility in the market as the coin reached a daily high of $70,046.27 before printing the current price.

While many market experts have dismissed the Bitcoin price correction, the sustained drawdown is bearing a bigger toll on the altcoin horde overall. This is showcased by the more than 151,000 traders that have been liquidated in the past 24 hours. The slip in price has extended the overall market liquidations to $426.02 million with Bitcoin suffering the most liquidation.

Over the past 24 hours, the Bitcoin price liquidation figure topped $104 million with long traders obliterated the most as they suffered a $86.36 million drop as against the $18.15 million for short traders. The losing streak also trickled down to Ethereum with a total liquidation of $47.98 million spread $32.79 million and $15.18 million between the long and short traders respectively.

While the top market altcoins suffered liquidations across the board, the latest Solana-based memecoin sensation BOOK OF MEME (BOME) was included in the slump. The BOME liquidation pegged at $10.16 million was mild, however, considering its relative age and smaller market cap, it suffered more losses than more established alternatives like Shiba Inu (SHIB) with $4.05 million in slump.

Market Triggers to Watch

Though long traders are reeling in losses, the table might flip in the short term as many analysts expect a recovery soon.

Among the catalysts that might trigger this growth is the spot Bitcoin ETF market whose steady capital inflow has helped sustain the drop in the price of Bitcoin thus far. Per projections, with sustained demand for Bitcoin ETFs, the valuation will always stay elevated as Galaxy Digital CEO Mike Novogratz pointed out that BTC is in price discovery mode.

The Bitcoin halving event is also tipped to help sustain the demand hype for Bitcoin. This event will help slash the reward rate for Bitcoin blocks and generally limit the supply of the coin which might further trigger price growth if demand is sustained.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.