Bitcoin Slides Below $79K as Long Positions Face $119M in Liquidations

Bitcoin dropped below the $79,000 mark on Monday, retreating from a short‑lived spike to $80,537. The cryptocurrency settled around $78,785, marking a 1% decline over the past 24 hours.

Price Action and Market Context

After briefly reclaiming the $80,000 level for the first time since the previous Friday’s sell‑off, Bitcoin struggled to maintain momentum. The price hovered in a tight $79,600‑$80,000 range before slipping toward $79,250 and eventually falling to $78,685 before stabilising near $78,785.

Derivatives Liquidations

Leveraged positions saw heavy losses across the crypto market. Coinglass data reported $55 million in Bitcoin‑related liquidations, with long positions accounting for $35 million and shorts for $20 million. Total market‑wide liquidations exceeded $208 million, of which $119 million were long positions.

Analyst Perspective

Bitfinex analysts noted that Bitcoin has retained its market structure despite the pullback. The asset reached $82,320 on September 3 before returning to its $77,200‑$82,100 range. Analysts highlighted solid ETF inflows, expanding stablecoin supply, and ongoing demand as supportive factors, while elevated U.S. Treasury yields and uncertain Federal Reserve policy remain constraints.

Broader Market Moves

The rally that lifted Bitcoin also pushed Zcash and Hyperliquid’s token HYPE to new highs before the reversal. Bitcoin’s market capitalization fell to approximately $1.58 trillion following the decline.