Bitcoin drops below $90k as $708.9m crypto liquidations hit leveraged longs
Bitcoin fell below $90,000 on 21 January. The drop extends a broader pullback that a sharp wave of forced unwinds has accompanied across the crypto derivatives market.
On the 12-hour timeframe, Bitcoin traded as low as $89,162 before settling around $89,368, down roughly 1.9% on the session. The move also pushed the Relative Strength Index [RSI] to -33.7. This level typically signals weakening momentum after sustained selling pressure.
Source: TradingView
A leverage flush dominated by long liquidations
Liquidation data showed the sell-off was driven largely by long-side leverage being taken out.
According to CoinGlass figures, total liquidations reached $708.88m over the past 24 hours. $648.78m was from long positions versus…
