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Bitcoin’s Testing of Lows Has Traders Wary of a Break Below $32,000

  • Coinglass says about $475 million in long positions liquidated
  • Ether, Avalanche and Solana all also declined this week
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Bitcoin slumped for the seventh time in eight days, raising concern that the slide risks pushing the largest cryptocurrency out of the range it has traded within much of the year. 

Cryptocurrencies have been weighed down by the overall risk aversion that has swept though global markets as central banks battle inflation while trying to temper the stimulus added during the Covid pandemic. Bitcoin is down more than 20% so far this year.