Bitcoin drops to $61000which has led to widespread liquidations. There is a risk of further decline in BTC price. There was a sense of panic in the market before the announcement, which has led to continued selling and a decline in BTC price.
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Bitcoin drops to $61000
As the flagship of cryptocurrencies, Bitcoin’s price fell to $61,000, erasing billions of dollars from the market. In the last 24 hours, 80,710 investors were liquidated. Additionally, the total liquidation amount was $239 million. The largest liquidation order appears to have occurred on Binance.
https://coinmarketcap.com/currencies/bitcoin/
The amount of liquidation in Ethereum was $5.03 million. Looking at the liquidation figures for the last 24 hours, it appears that the liquidation amount in Ethereum was higher than in Bitcoin. Accordingly, while $75 million in liquidations occurred in Ethereum, the amount of liquidation in Bitcoin was $64 million.
BTC $60K Support Crucial for Bitcoin
BTC/USD pair could not surpass the resistance area of $64,750, entering a new downtrend. Currently, the downward movement seems to continue, and the price needs to find immediate support at around $61,200.
Bitcoin price recently spiked to the $61,000 level. There is a risk of further decline in BTC price. Today, the court decision regarding former Binance CEO Changpeng Zhao will be announced. There was a sense of panic in the market before the announcement, which has led to continued selling and a decline in BTC price.
As the flagship of cryptocurrencies, Bitcoin drops to $61,000, erasing billions of dollars from the market. In the last 24 hours, 80,710 investors were liquidated. Additionally, the total liquidation amount was $239 million.
Largest Liquidation
The largest liquidation order appears to have occurred on Binance. The amount of liquidation in Ethereum was $5.03 million. Looking at the liquidation figures for the last 24 hours, it appears that the liquidation amount in Ethereum was higher than in Bitcoin.
https://coinmarketcap.com/currencies/ethereum/
Accordingly, while $75 million in liquidations occurred in Ethereum, the amount of liquidation in Bitcoin was $64 million. BTC/USD pair could not surpass the resistance area of $64,750, entering a new downtrend. Currently, the downward movement seems to continue, and the price needs to find immediate support at around $61,200.
The first major support point for Bitcoin is at the $61,000 level. However, if the price closes below this level, expecting further declines would be reasonable, and it is anticipated that the price might trend towards $60,750. At this point, further losses could lead the price to head toward the $60,200 support zone in the short term.
Conclusion
To conclude, Bitcoin drops to $61000 triggering widespread liquidations and raising concerns about further price declines. Attention now turns to whether Bitcoin can hold the $60,000 support level, as a breach could signal further downward movement toward the $60,750 and $60,200 support zones in the short term.
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