Bitcoin Hits Four-Month Low, $222M in Long Positions Liquidated, Crypto Market Suffers $664M Loss

The price of Bitcoin (BTC) reached its lowest point since February, as approximately $222 million in long Bitcoin positions were liquidated in the past 24 hours.

Bitcoin (BTC) price hit its lowest point since February, with about $222 million in long bitcoin positions liquidated over the past 24 hours.

Bitcoin price saw a four-month low of $53,499 on Coinbase after news of Mt. Gox's latest cold wallet transfer.

BTC price saw a steep decline starting around 4:19 AM UTC on July 5, hitting its lowest point since late February, TradingView (via Cointelegraph) showed. Meanwhile, crypto liquidations surged to $664.5 million over the past 24 hours, hitting the highest level in two months, according to CoinGlass.

Bitcoin price saw a marginal recovery to $54,300, showing a loss of about 7.4% over the past 24 hours.

Other top cryptocurrencies, including ether and solana, also saw losses of about 10% on the day. ETH price fell to $2,898.20, dropping below the crucial $3,000 level that it has held since mid-May, data from Cointelegraph Markets Pro showed.

Out of the total crypto market liquidations, longs saw about $584 million, while shorts saw nearly $82 million. Of the total longs, $222 million were in long BTC positions.

Crypto Fear & Greed Index hits lowest since January; Mt. Gox, German sales add to bitcoin sell pressure

Moreover, the Crypto Fear & Greed Index, which showed the market in “Fear,” hit its lowest point since Jan. 2023, reaching 29 out of 100 on July 5.

Traders have been keeping a close eye on the potential sell pressure from the collapsed crypto exchange Mt. Gox's pending $8.5 billion in bitcoin creditor payouts.

On July 5, the exchange made its first major move since May, transferring 47,229 BTC, or about $2.6 billion, to new addresses.

Adding to the pressure on the bitcoin sell-side, Germany's government sold 7,583 BTC, or $419.5 million, out of its holdings, as of June 19. It still holds 42,274 BTC, estimated to be worth about $2.3 billion.

On July 4, 10x Research analyst Markus Thielen predicted that BTC price could drop as low as $50,000 due to the government's sell-pressure on the cryptocurrency.

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