Bitcoin long liquidations have spiked to more than $30 million in the past 24 hours after a price correction saw the largest digital asset by market cap struggle to maintain its position above the $62,000 mark.

Analysts note that the rise in volatility aligns with historical data. They observe that in the two months following each previous halving, with one exception, bitcoin’s price has experienced drawdowns ranging from 5% to 15% before embarking on a sustained upward trajectory.

There was a total of $40 million in liquidated bitcoin positions in the past 24 hours. The wider cryptocurrency market was hit by over $145 million in liquidations in the same period. Of these combined crypto liquidations, the vast majority — around $121 million — were long positions, according to Coinglass …