Bitcoin Market Sheds $50M in Liquidations as BTC Falls Below $59K

Bitcoin experienced a sharp decline on Aug. 20, falling below the $59,000 mark as selling pressure intensified, leading to significant liquidations

Bitcoin (CRYPTO: BTC) experienced selling pressure on Aug. 20, leading to a decline from recent highs and triggering significant liquidations in the crypto market. Here's a summary of the price movements and liquidations.

Bitcoin's Price Action: The apex crypto fell by over 3% within an hour, giving up almost all of its gains from the previous trading day. After touching a weekly high of $61,400, BTC slid below the $59,000 mark. At the time of writing, Bitcoin was trading at $59,000, according to CryptoSlate data.

The downturn in Bitcoin's price follows a recent rally that saw the digital asset climb from lows of around $54,000 earlier this week. The selling pressure encountered as Bitcoin approached higher levels of resistance resulted in widespread liquidations across the crypto market.

Coinglass data indicates that over $50 million in positions were liquidated within an hour. According to the liquidation heatmap, Bitcoin accounted for the largest portion of the total over the last four hours, with $1.84 million in liquidations. Other notable liquidations included Ethereum (CRYPTO: ETH) at $396,130 and Litecoin (CRYPTO: LTC) at $178,470.

Major exchanges OKX and Binance recorded the highest levels of liquidations, with $27.29 million and $23.61 million, respectively. Of the total liquidations over the past four hours, the majority, amounting to $57.09 million, were on long positions, while short positions saw $5.76 million liquidated.

Over the past 24 hours, total liquidations reached $135.32 million, affecting 46,264 traders. The largest single liquidation order was recorded on Binance, where a BTCUSDT contract valued at $3.17 million was liquidated.

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