Traders using leverage to bet on a Bitcoin and crypto price rebound are getting wrecked.

In the last 24 hours, $704 million in leveraged crypto bets have been liquidated, according to the market data tracker CoinGlass.

The vast majority hit traders going long, with $556 million in longs liquidated, and $157 million in shorts liquidated.

Ethereum long liquidations led the way at $204 million, followed by Bitcoin long liquidations at $196 million.

Sentiment among crypto investors is once again in extreme fear, with seasoned trader Peter Brand predicting a further BTC decline to between $58,000 and $62,000.

The pseudonymous analyst Credible Crypto says he believes BTC remains on the verge of breaking its bull market structure.

“Very close to tagging $74,000 today but thus far it hasn’t been breached. For now, we need to reclaim $81,000 to $85,000 to get out of the ‘danger zone.’

Just like at $25,000 with $24,800 invalidation that preceded continuation to new all-time high, I will assume the level will be defended until/unless it is actually breached…

For now, let’s see if we can reclaim 81-85k and take it from there.”