Bitcoin price dips seven days to BTC halving, whiplashes nearly $1 billion in positions

• Bitcoin price has reverted to the depths of $65,000, levels last seen on April 5.
• Altcoins dipped with BTC to record double-digit losses as Ethereum lost 10%.
• Over $880 million position were liquidated seven days to Bitcoin halving.

Bitcoin (BTC) price shocked markets on Friday during the early hours of the US session. BTC shorts and longs alike were caught off guard in a move that whiplashed cryptocurrency market players from both biases in the millions. Of interest is that it happened only seven days to the much-anticipated BTC halving.

Also Read: Bitcoin dramatic downward shift sends altcoins into double-digit losses

Nearly $1 billion in liquidations as Bitcoin price dips

Bitcoin price reverted back to levels as low as $65,086 during the opening hours of the New York session, in a move that caught many traders by surprise.  Data according to information center Coinglass indicates over $881 million in total liquidations, composed$784 million in long positions against $96 million in short positions.

Total liquidations

More closely, over $126 million BTC long positions were blown out of the water against $41 million in shorts.

As bad as it was, however, the steady hands who resisted FOMO even when Bitcoin price reclaimed the $72,700 levels on Monday have had their patience rewarded. Coming only a week to the halving, the downswing could be a good buy opportunity for the late bulls as well as those who had otherwise written themselves off as sidelined as BTC ascended past the $69,000 threshold.

Judging from the BTC/USDT 1-day chart, Bitcoin price may not be due for a recovery soon, at least not this weekend as multiple technical indicators lean in favor of the bears. For starters, the Relative Strength Index (RSI) remains below the ‘50’ mean level. It is also flanked with the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD), which are thinly holding above the mean level to their respective negative territories.

BTC/USDT 1-day chart

Meanwhile, one analysts on X, @DaanCrypto, observes that Bitcoin price is building up a pretty large liquidity zone at the $72,000 region. With positions building on both sides, the recent move is unsurprising and may have set the tone for yet another to come with markets preparing for the BTC halving in a week.