Traders anticipate further downside, with approximately $1.05 billion in short positions at risk if Bitcoin returns to its price from the previous day.
Bitcoin's (BTC) price decline of over 7% within the last 24 hours has resulted in $256 million in losses for traders with long positions.
However, analysts believe it's nothing out of the ordinary, despite escalating geopolitical tensions in the Middle East.
“So far, this is a normal drop. In fact, we’ve had several 20-22% drops this cycle,” Benjamin Cowan stated in an April 13 post on X.
