Bitcoin trades near $75,800; $400M liquidated

Bitcoin fell back toward the mid-$75,000 range on May 23 as another wave of selling hit crypto markets. The Economic Times reported Bitcoin at about $75,398, down nearly 3% over 24 hours, while CoinDesk’s price page showed readings between roughly $75,473 and $76,534 during the day. The move matters because it came with forced selling in derivatives. CoinGlass said total crypto liquidations reached about $940.6 million over 24 hours, with long positions accounting for about $868.3 million, a sign that traders betting on higher prices were pushed out as the market dropped. The immediate picture is a market that is still trading far below the October 2025 peak cited in the source briefing. Hybrid Horizon, as referenced in the supplied briefing, put Bitcoin near $75,800 and about 40% below its roughly $126,000 all-time high from October 2025. (economictimes.indiatimes.com) ### Why did a one-day drop turn into a liquidation event? (coinglass.com) CoinGlass defines liquidations as forced position closures on derivatives exchanges when traders no longer meet margin requirements. In practice, that means a falling market can trigger automatic selling, which can deepen the move when leverage is high. The 24-hour liquidation mix was heavily skewed toward longs. CoinGlass showed about $868.3 million in long liquidations versus roughly $72.3 million in short liquidations across crypto markets, indicating the pressure came mainly from bullish positions being unwound. (economictimes.indiatimes.com) ### Where was Bitcoin actually trading during the selloff? The Economic Times reported Bitcoin at $75,398 on May 23. CoinDesk’s market data showed Bitcoin at $75,472.83 earlier in the day and $76,533.77 later on May 23, illustrating how volatile intraday trading remained even within the same session. (coinglass.com 1) (coinglass.com 2) Ethereum also moved lower alongside Bitcoin. The Economic Times said ether traded around $2,061, down about 3%, as broader risk appetite weakened across major tokens. ### What were traders and analysts blaming for the pressure? The Economic Times cited rising Treasury yields, ETF outflows and geopolitical uncertainty as the main drivers behind the latest selling. (economictimes.indiatimes.com) Its report said those factors outweighed any relief from easing U.S.-Iran tensions. CoinDesk had already flagged earlier in May that the market was focused on whether Bitcoin could hold levels around the mid-$70,000s. (economictimes.indiatimes.com) In a May 7 report, CoinDesk cited Fundstrat’s Tom Lee as saying a May close above $76,000 would help confirm a new bull-market phase. ### Why do some people keep pointing to $60,000 or $50,000? The supplied briefing said some analysts were warning that a deeper selloff could still drag Bitcoin toward $60,000 or even $50,000. (economictimes.indiatimes.com) That is a risk scenario, not a confirmed forecast, and it reflects how traders are still debating whether the market has found a floor after the October 2025 high. CoinGlass’s liquidation tools are built around that same concern. Its heatmap products are designed to show price zones where large clusters of leveraged positions could be forced out, which is why traders monitor them during sharp moves. (coindesk.com) ### What should traders watch next? May 24 price action will be tracked in real time on CoinDesk’s Bitcoin price pages and CoinGlass liquidation dashboards. Those two data points — spot price and forced liquidations — will show whether weekend trading stabilizes above $75,000 or whether another round of leverage unwinds pushes the market lower. (coindesk.com) (coinglass.com)