With its fall, bitcoin dragged several cryptocurrencies downward.
Bearish traders also suffered liquidations, but to a lesser extent.
The price of bitcoin (BTC) suffered a fall on April 28, 2026 that took it below the support of $76,000. This move led to the liquidation of leveraged traders with bullish positions in BTC and cryptocurrencies for a total of $130 million in the last 24 hours.
The drop in bitcoin prices was triggered by the announcement that the United Arab Emirates will leave the Organization of the Petroleum Exporting Countries (OPEC). starting next month.
This decision generated immediate instability in global financial and energy markets. The news takes on special relevance in the current war context between the United States and Israel against Iran, added to the strategic blockade of the Strait of Hormuz, as reported by CriptoNoticias.
Below, the graph provided by the CoinGlass platform allows you to observe the liquidation movements; Operations in all digital assets are taken into account here, not just bitcoin.
The liquidation process is triggered on exchanges when the price of an asset moves drastically against an investor. This mainly occurs in futures trading, where leverage is used. This tool allows you to operate with funds provided by the platform to manage amounts greater than the real capital that the user has.
Due to the risk of default, exchanges automatically close these trades to prevent traders from incurring negative balances following fluctuations. This defense mechanism of the platforms intensifies the selling pressure. The forced closure of thousands of positions generates a cascade of sales that deepens the initial price drop.
Mass liquidations suddenly increase the supply of assets available in the market. As there are more sellers than buyers in a short period of time, the downward trend is reinforced and the immediate recovery of prices is difficult.