BTC long liquidations accelerate after drop toward $68K, Santiment says

Bitcoin’s drop toward $68,000 triggered a cascade of leveraged long liquidations, wiping out billions of dollars in speculative positions, according to on-chain analytics firm Santiment. Santiment said the leverage washout could ease future selling pressure and help support bullish sentiment if BTC quickly recovers to $70,000-$72,000 this weekend. The firm added that if prices stabilize while open interest remains low, the chances of a rebound driven by new spot demand would increase.