Bitcoin Breaks Below $70,000 as Liquidations Sweep Through Leveraged Longs

Bitcoin fell below $70,000, triggering more than $1 billion in forced liquidations across crypto positions within 12 hours as leveraged longs were wiped out. The move marks a sharp reversal for the largest cryptocurrency, which had been trading near record levels before the selloff. The scale of the liquidations underscores how crowded bullish positioning had become, amplifying downside moves through cascading margin calls. Traders will now watch whether bitcoin can reclaim the $70,000 level or whether further deleveraging extends the pullback.