Bitcoin Dips 5% to Under $36K as Crypto Rally Runs Into Wall, Liquidating $340M in 2 Days

As has been a familiar trend during the upswing over the past six weeks, a wave of sell orders was likely sitting close to a round number. When bitcoin approached $38,000, the sell orders took over, sending the price lower. That, in turn, triggered liquidations of leveraged long positions, sending the price hurtling further downward.