Traders were found to have unfavorable positions as they witnessed the recent surge beyond the $69,000 mark, as indicated by market data. Coinglass data revealed that within the past 24 hours, more than $1.17 billion worth of leveraged positions were liquidated throughout the cryptocurrency market, with $846 million of these being long liquidations.
In specific reference to BTC, long liquidations reached a total of $236.33 million.
Bitcoin experts claim that the current decline in BTC value is simply a "beneficial consolidation."