Bitcoin stalls under $77,000 as longs lose $17.3M
Bitcoin slipped below $77,000 to about $76,750, triggering $17.3M in long liquidations as renewed U.S.-Iran tensions erased an early rally.
Bitcoin stalled below $77,000 on Tuesday, slipping to about $76,750 after twice testing intraday highs above $77,200. The pullback wiped out approximately $17.3 million in long positions on leveraged bets. Crypto market liquidations totaled about $175 million for the session, according to Coinglass.
The coin moved between a low of $76,200 and an intraday high of $77,245. It climbed past $77,000 after reports that planned strikes on Iran were postponed. Price data show bitcoin pierced $77,200 for the second time at roughly 3:49 a.m. ET, then fell to an intraday low near $76,181 about eight hours later before a short rebound to $76,900 and a late retreat to about $76,750. Bitcoin was up about 0.7% over 24 hours and down nearly 5% for the week. Its market capitalization was near $1.54 trillion and the broader crypto market was valued at about $2.64 trillion.
Geopolitical headlines drove much of the volatility. Early gains faded after reports that Iran submitted a new proposal and that a weekend deadline had been set for Iran to agree to a deal. That renewed uncertainty pushed U.S. stock indexes into negative territory by the afternoon, with the Nasdaq, S&P 500 and Dow all turning lower. West Texas Intermediate crude traded just under $105 a barrel.
Coinglass data showed about $37.6 million in leveraged positions were liquidated in bitcoin trades during the session, of which roughly $17.3 million were long positions. By comparison, roughly $223 million in long positions were liquidated on Monday, and more than $800 million in leveraged crypto positions were liquidated on May 18. The lower total on Tuesday reflected a quieter price range after earlier spikes and pullbacks.
Traders pointed to short-term positioning and caution around the reported deadline as factors that limited sustained upside. Stop orders concentrated near round numbers such as $77,200 amplified price swings when those levels were briefly breached. Volatility eased later in the session as leverage-related selling subsided.
Market participants are monitoring diplomatic and military developments in the coming days for potential effects on risk assets and commodities.
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