Bitcoin experts claim that the current decline in BTC value is merely a “wholesome consolidation.”

Traders in the market were found to have inadequate positions as the price surged above $69,000. Coinglass data revealed that within the past 24 hours, leveraged positions worth more than $1.17 billion were liquidated in the crypto market, with $846 million of that amount being long liquidations. Specifically, the long liquidations for BTC alone amounted to $236.33 million.