The bitcoin price fell below the $64,000 mark during trading on Friday, despite major stock indices hitting record highs amid dovish rate cut expectations.
The macroeconomic sentiment has been buoyed by recent signals of rate cuts from the U.S. Federal Reserve, along with a surprise rate cut by Switzerland's central bank. On Thursday, the Swiss National Bank announced a surprise reduction in its key interest rate to 1.5%. This move follows a decrease in Swiss inflation to 1.2% in February.
The bitcoin price correction over the past day led to the substantial liquidation of long positions on centralized exchanges. This volatility resulted in the liquidation of more than $54 million in bitcoin positions, with the majority — over $40 million — being longs, according to CoinGlass data. The overall crypto market experienced over $134 million in liquidated long positions in the last 24 hours, contributing to a total of $192 million in liquidations across various centralized exchanges, the data show. Bitcoin exchange reserves have fallen to a multi-week low, indicating an increase in investors removing their coins as part of a long-term holding strategy.