Bitcoin's attempt to surpass $126,000 failed, leading to over $563 million in forced selling and drawing a playful comment from Dogecoin's creator.

Bitcoin Liquidations and Market Response

Bitcoin liquidations reached $563.51 million following a failed attempt to break through the $126,000 level.

The primary driver of these liquidations was the presence of significantly overleveraged long positions in the market.

Long positions experienced a substantial wipeout, totaling $363.53 million, and triggered rapid deleveraging across the market.