Bitcoin’s price has recently surged to $61,000, but there is a potential risk of further decline. Today, the court will announce its decision regarding former Binance CEO Changpeng Zhao, causing panic in the market and resulting in continued selling and a drop in Bitcoin’s price.
Article: Bitcoin Plummets to $61,000, Resulting in Millions of Dollars Being Liquidated
Bitcoin, the leading cryptocurrency, has experienced a significant drop in price, plummeting to $61,000 and causing billions of dollars to be wiped out from the market. Over the past 24 hours, a staggering 80,710 investors have faced liquidation, with the total amount reaching $239 million.
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The largest liquidation order appears to have taken place on Binance, while the liquidation amount in Ethereum amounted to $5.03 million.
Analyzing the liquidation figures from the past 24 hours, it becomes evident that Ethereum witnessed a higher amount of liquidation compared to Bitcoin. While Ethereum saw liquidations amounting to $75 million, Bitcoin’s liquidation amounted to $64 million.
Bitcoin’s fate now hinges on the crucial support level at $60,000. The BTC/USD pair failed to break through the resistance area at $64,750, signaling a new downtrend. Currently, the downward movement appears to persist, and the price urgently needs to find support around $61,200.
The $61,000 level serves as the initial major support point for Bitcoin. However, if the price closes below this level, it would be reasonable to expect further declines, potentially driving the price towards the $60,750 mark. In the short term, should losses continue, the price might head towards the support zone at $60,200.
Disclaimer:
The information provided in this article is not intended as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry significant risks, and should conduct their own research.
