Bitcoin Short Liquidations Reach $12 Billion, Long Side Near $1 Billion, BTC Price Drops to $56,600

The short side liquidations for Bitcoin have reached $12 billion, with a move to $71,800, while the long side has less than $1 billion to $58,000. There are currently $14 billion in shorts that would be liquidated if Bitcoin reaches $72,000. Bitcoin's price has dropped to $56,600, with the lowest at $55,000. There are $13.54 billion shorts to liquidate to $72,116 and $500 million longs to $55,000. Additionally, $11 billion worth of Bitcoin shorts will be liquidated at $70,000, and more than $10 billion of Bitcoin shorts will get liquidated if BTC pumps to its all-time high.