Bitcoin Price Drops Below $93K Triggering Massive $680 Million Long Liquidations

The price of Bitcoin (BTC) has experienced a significant decline, falling below the $93,000 mark. This sharp downturn led to the liquidation of approximately $680 million worth of long positions across various cryptocurrency exchanges. Market data indicates heightened volatility and selling pressure, as leveraged traders faced margin calls. Analysts are monitoring key support levels to gauge whether this correction represents a short-term pullback or the beginning of a more sustained bearish trend. The event underscores the risks associated with high-leverage trading in the volatile crypto market.