Bitcoin Tumbles 10% After Hitting Record High; Triggers $800M in Crypto Liquidations ,60k?

Bitcoin's all-time high of $69,208 was short-lived as heavy selling pressure sent the largest cryptocurrency tumbling below $62,000.
Bitcoin (BTC) tumbled 10% from its new all-time high on Tuesday as heavy selling on crypto exchanges capped the price surge beyond $69,000, sending the largest crypto to $62,000.
The order book on crypto exchange Binance showed large sell orders clustered at higher price levels, with over 300 BTC, worth about $20 million, to be sold at $69,000 and more than 500 BTC for sale at $70,000.
The selling pressure posed a significant barrier to bitcoin's price, sending the crypto lower. After the CoinDesk Bitcoin Index (XBX) briefly notched an all-time high of $69,208 at 15:04 UTC, BTC tumbled more than $1,000 in a minute. Then, the sell-off accelerated in waves, first dropping below $65,000, then sinking below $62,000, CoinDesk Bitcoin Index data shows.
Read more: Bitcoin Soars to New All-Time High Above $69K
The pullback sent BTC down 7% over the past 24 hours, underperforming the broad-market CoinDesk 20 Index's (CD20) 3% decline, holding up better due to the relative strong performance of Ethereum's ether (ETH) and solana (SOL). Other altcoin majors such as Cardano's ADA, dogecoin (DOGE) and shiba inu (SHIB) lost about 10%-12% following the strong.

Bitcoin sellers put brakes on price discovery

Data from Cointelegraph Markets Pro and TradingView tracked snap losses for BTC/USD as the pair shed 6.7% in just over an hour.
The reaction followed new all-time highs for Bitcoin, with bulls waiting since November 2021 for BTC price discovery.
With volatility still rampant at the time of writing, market observers sought to take a balanced perspective on current market performance.
The latest data from monitoring resource CoinGlass estimates that liquidations totaled nearly $150 million during the correction from the new highs of $69,210 on Bitstamp.

BTC price action enters “new era”

In his latest YouTube update, meanwhile, popular trader and analyst Rekt Capital considered whether the current price cycle had “accelerated” thanks to the pre-halving move.
Related: Why are BTC traders bearish above $64K? 5 things to know in Bitcoin this week
In previous cycles, he noted, BTC/USD took around 500 days to hit new all-time highs after a halving, meaning that this time around, progress might be “ahead of schedule.”
“Something to consider as we enter a new era for Bitcoin’s price action — we’ve never really seen price action like this before,” he acknowledged, listing various unique aspects of the market this year.
How Bitcoin goes forward to treat the all-time high region, he said, was key.
Fellow trader Mikybull Crypto added that in 2020, BTC/USD tracked sideways below new all-time highs for two weeks before finally seeing upside continuation.
“Bitcoin on a critical decision point right now. In 2020, it wicked through to break an all-time high and retraced back into the box for two weeks before closing above the previous ATH," he wrote on X alongside an illustrative chart.