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, Market Overview: Rallies then Retraces, Loses $64,000
On July 25, Bitcoin saw a sharp rally-then-retrace move. Early Friday morning, BTC briefly climbed to $65,705, but was then hit by heavy sell pressure. Over the next 7 hours, it slid all the way to an intraday low of $63,666, with the market value eroding by more than $20 million. As of press time, Bitcoin is temporarily trading around $63,878, down about 0.30% on the day.
The selloff triggered large-scale liquidation of leveraged positions—across the entire market, $312 million in leveraged positions were liquidated, including $70 million in Bitcoin long positions. 91,975 crypto traders were liquidated within 24 hours, bringing total liquidations to $342 million.