Bitcoin fell to $71,500 on Coinbase, marking a decline of approximately 16% from its prior 28-day high and extending a multiweek downward trend. The drop triggered significant market-wide liquidations as leveraged traders were forced out of positions. Data from Coinalyze recorded $368 million in 24-hour liquidations across cryptocurrencies, with the majority stemming from bullish bets that went against the prevailing downtrend.