Bitcoin BTC -0.27% 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 data.

Bitcoin is changing hands at around $62,300 at the time of writing, having fallen over 3% in the past 24 hours, according to The Block’s price page. The price of ether has dipped over 3% to $3,007 in the same period.

Bitcoin price chart | The Block

Bitcoin post-halving price performance

According to this week's Glassnode market report, bitcoin halving events are well publicized in advance, and historically, there has always been a choppy "sell-the-news" event in the immediate term.

"The fourth halving was no exception, with the bitcoin price selling off by over 11%, and trading into the $57,000 region. This is the lowest price over the last two months, although the market has recovered to be flat since the halving date," Glassnode analysts said.

The Glassnode report added that both of the prior two halving cycles saw flat prices after two weeks, with only the first halving seeing an 11% gain. "In general, the 60-days after halving events tend to be choppy, sideways, with a slight downwards drift of between -5% and -15%," the analysts added.

Bitcoin dominance edged up slightly over the past day to 50.9%, with ether dominance falling slightly to 15%, according to Coingecko data. The global cryptocurrency market cap decreased by 2.3% in the past 24 hours and now stands at $2.41 trillion, according to The Block's Prices Page.

The GM 30 Index, representing a selection of the top 30 cryptocurrencies, fell 2.98% to 128.48 in the same period.