Bitcoin Surges to $61,000! Massive Liquidations in Play
Bitcoin has experienced a remarkable surge in price, reaching a staggering $61,000. However, experts warn that there is a looming risk of a further decline in BTC’s value. Adding to the uncertainty, today’s court decision regarding former Binance CEO Changpeng Zhao is set to be announced, causing a sense of panic in the market. As a result, investors have been hastily selling off their Bitcoin holdings, leading to a significant drop in its price.
Bitcoin Hits $61,000! Liquidations in the Millions
The recent drop in Bitcoin’s price to $61,000 has wiped out billions from the market. Within the past 24 hours, a staggering 80,710 investors have been forced to liquidate their assets. This has resulted in a total liquidation amount of $239 million.
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Interestingly, the largest liquidation order occurred on Binance, with Ethereum facing a liquidation amount of $5.03 million.
Analyzing the liquidation figures for the past 24 hours, it is apparent that the amount of liquidation in Ethereum surpassed that of Bitcoin. While Ethereum saw $75 million in liquidations, Bitcoin experienced a liquidation amount of $64 million.
$60,000 Support Holds the Key for Bitcoin
The BTC/USD pair has entered a new downtrend as it failed to break through the resistance zone of $64,750. Currently, the downward movement seems to persist, and it is crucial for the price to find immediate support around the $61,200 mark.
The $61,000 level serves as the first major support point for Bitcoin. However, if the price closes below this level, it would be reasonable to expect further declines, with the price potentially trending towards $60,750. At this juncture, additional losses could push the price towards the short-term support region of $60,200.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors need to be aware of the high volatility and associated risks of cryptocurrencies and should conduct thorough research on their own.
