Bitcoin BTC +1.05%  long liquidations have spiked to over $27 million in the past day after a price correction saw the largest digital asset by market hover around $63,600.

In the past 24 hours, $33.85 million in bitcoin positions were liquidated, and over $132 million in the wider cryptocurrency market was liquidated in the same period. Of these combined crypto liquidations, the vast majority — around $105 million — were long positions, according to Coinglass data.

Bitcoin changed hands at around $63,649 at the time of writing, having fallen over 2.4% in the past 24 hours, according to The Block’s price page. The price of ether has dipped over 2% to $3,434 in the same period. The global cryptocurrency market cap today is $2.45 trillion, dropping 3.2% in the last 24 hours, according to Coingecko data.

Bitcoin bearish indicators and investor uncertainty

According to Stocklytics analyst Neil Roarty, bitcoin's decline to its lowest price in over a month indicates that investors are divided on the future direction of the leading cryptocurrency. Roarty stated that bears point to on-chain signals indicating that some of the largest bitcoin holders were liquidating their holdings.

"The largest bitcoin holders have together sold more than $1 billion worth of the coin over the last couple of weeks," Roarty told The Block. "If they know something the rest of the market doesn’t, it won’t be long until others follow the example." 

However, he added, bulls will conversely note that we are still only a little more than 10% down from bitcoin’s all-time high price of $73,000, reached in March. "Bulls argue that this small regression and period of consolidation is both expected and healthy before bitcoin targets the $100,000 mark, depending on which way things break, this feels like a major inflection point for bitcoin," the analyst said.