The price of Bitcoin has dropped today due to a flush out of leveraged long traders, causing it to fall below $35,000.
Despite lower-than-expected US inflation data, which showed a 3.2% yearly increase, the bullish momentum that drove Bitcoin to gain 31.8% in 30 days is fading.
A sharp movement in the Bitcoin futures market has led to a rapid decline in price, with over $126 million in long positions liquidated within 24 hours.
The absence of consistent liquidity and trading volume has raised concerns about the sustainability of the current Bitcoin rally.
