The cryptocurrency market has faced significant volatility this week, with bulls struggling to maintain momentum amid increasing selling pressure. Consequently, Bitcoin (BTC) has dropped below its critical support level, which analysts warn could negatively impact the overall market performance.

On Thursday, Bitcoin's price plunged to $67,000, triggering widespread liquidations. Data from CoinGlass indicates that approximately 76,000 traders were liquidated, resulting in losses totaling $159 million within the past 24 hours.

Most of these liquidations were long positions, accounting for around $125 million, as the market downturn surprised investors who had expected BTC to rise.

### Impact on Short Traders

Short traders also suffered losses. CoinGlass data shows that about $34 million in short positions were closed as BTC dropped below $68,000 again.

Centralized exchanges accounted for the entire $159 million loss. Binance, the largest crypto exchange globally, experienced the most significant impact, with around 48% of the total liquidations. Approximately $78 million disappeared from Binance in the past 24 hours, including the largest single liquidation order of around $2.69 million.

OKX contributed approximately 32% of the liquidations, with $51.68 million wiped out from the platform. Other exchanges like Bybit, Huobi Global (now rebranded as HTX), and CoinEx also faced significant liquidations, with Bybit losing $13.78 million and HTX and CoinEx losing over $14 million combined.

### Broader Market Impact

Traders on these exchanges lost around $22.9 million on Bitcoin positions, while those trading Ethereum experienced losses of about $26.79 million, surpassing BTC's losses. Other cryptocurrencies saw a combined liquidation of $30.56 million.

As Bitcoin continues to depreciate, liquidations persist. In the past hour alone, $16.5 million has been wiped out from the market, with long traders losing around $14 million and short traders losing approximately $2.24 million.

The overall crypto market has declined over the last 24 hours. According to CoinMarketCap, the market is currently valued at around $2.5 trillion, with BTC holding a majority market share of $1.33 trillion.