Over the past day, around 74,741 traders have faced liquidations totaling $230.18 million due to the drop in Bitcoin prices. The major assets affected include BTC, ETH, and SOL, with Binance leading in liquidations at $90.72 million, followed by OKX and Bybit. The largest liquidation order amounted to $5.40 million.

The potential drop in Bitcoin's price, as warned by analyst Ali Martinez, has raised concerns about massive liquidations on Binance if the price reaches $50,500. Martinez highlighted the market's sensitivity to significant price shifts, with recent liquidations reaching $89 million, split between long and short positions.

If Bitcoin manages to break below $56,200, Martinez predicts it could fall further to $51,600. However, Bitcoin's price resilience, currently standing at $61,371, and forecasts like Venture capitalist Tim Draper's $250,000 prediction by 2024, provide optimism for its growth. Moreover, the approval of Bitcoin and Ethereum ETFs in Hong Kong indicates positive sentiment among big investors for crypto assets.