Hopes And Dreams Surrounding Bitcoin

Despite Bitcoin's price dropping below $67,000 analysts believe the bull run is still ongoing. 

Over $800 million in liquidations occurred in the past day with Bitcoin accounting for $283 million. 

Analysts attribute the drop to macroeconomic factors and leveraged long positions being "flushed." 

This flushing a result of traders forced to sell to cover their positions is becoming more common with the rise of spot Bitcoin ETFs. 

Despite the sell-off analysts see it as positive for resetting leverage before a potential upward movement. 

Institutional investors are also exiting evidenced by a $2 billion reduction in open interest in futures and perpetual contracts. 

The market saw $546 million worth of long positions liquidated indicating significant selling pressure. 

Analysts note this as leveraged longs having their stops hunted with the wipe-out seen as substantial.