Bitcoin bleeds close to $60,000, further decline could liquidate over $1 billion


  • Bitcoin extends losses on Saturday, dips closer to psychological support at $60,000. 
  • BTC price decline under the support level could usher over $1 billion in liquidations, per Coinglass data. 
  • Crypto fear and greed index goes from fear to greed, back to fear within two weeks as Bitcoin struggles near key support. 

Bitcoin, the largest cryptocurrency by market capitalization, is in a state of decline. If Bitcoin slips under $60,000, it would usher over $1 billion in liquidations per Coinglass data. 

Ethereum, Solana, XRP, Dogecoin and other cryptocurrencies extended their losses early on Saturday. 

Bitcoin could slip under $60,000 psychological support

Bitcoin is at risk of decline under key support at $60,000. A dip under this level could usher mass liquidation in the derivatives market. Coinglass data shows nearly $75 million in derivatives positions were liquidated in Bitcoin in the past 24 hours. 

BitcoinBitcoin, Ether and altcoin liquidation in the past 24 hours 

The liquidation heatmap on Coinglass shows that over $1 billion in derivatives position are at risk of liquidation when Bitcoin drops under $60,000. 

Samson Mow, developer of AquaBitcoin, and crypto analyst notes that Bitcoin is temporarily being dragged down by the traditional finance market. The effect of the decline has likely been amplified by ETFs. 

The sentiment of traders has shifted from fear to greed back to fear within a period of two weeks as Bitcoin price action turns choppy. 

At the time of writing, Bitcoin trades at $60,643 on Binance. 


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