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Bitcoin Dips Below $67K Amid $200M Binance Spot Selling

Bitcoin experienced a significant decline earlier today, momentarily falling below $67,000 to a low of approximately $66,800; this represents a 3% decrease in the past 24 hours

Graph showing Bitcoin’s price on June 11, 2024, |Source, TradingView

Significant spot-selling activity contributed approximately $200 million in selling across all exchanges, as indicated by Glassnode data. Binance was the source of the preponderance of this selling activity. This activity is quantified by the Spot Cumulative Volume Delta (CVD), which monitors the net disparity between purchasing and selling volumes, thereby highlighting the market’s primary drivers—buyers or sellers.

Graph showing the spot cumulative volume delta from May 10 to June 11, |2024 Source, Glassnode)

Substantial liquidations have been the consequence of the elevated selling pressure. Coinglass data indicated that $185 million in liquidations occurred within 24 hours, with $160 million originating from long positions. During this period, both Bitcoin and Ethereum experienced substantial liquidation impacts, with each experiencing approximately $50 million in total liquidations.

Screengrab showing the liquidation heatmap on June 11, 2024, |Source, Coinglass
James Emmanuel

James is a Computer Science student with a robust foundation in tech and a skilled DevOps engineer. His technical expertise extends to his role as a news reporter at Protechbro, where he specializes in crafting well-informed, technical content that highlights the latest trends and innovations in technology.

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