Bitcoin has seen wild ups and downs lately. Just recently, the price dropped below the important $60,000 support level. This sparked a big wave of selling.
The $60K mark has been a strong floor for Bitcoin for months. It acted as a key support level where buyers stepped in before. But last week, BTC price fell hard below it. From around $64,000, it slid to under $57,000 in days.
This break triggered stop-loss orders. These are automatic sells set by traders. Once price hits a certain low, they fire off. Billions in Bitcoin got dumped fast. Trading volume spiked over 50% as panic spread.
Big exchanges like Binance and Coinbase saw record outflows. Investors pulled out cash, fearing more pain.
Several factors piled up:
Interest rates are high. The US Federal Reserve hinted at no cuts soon. This hurts risk assets like Bitcoin. Stocks fell too, dragging crypto down.
Bitcoin ETFs saw huge redemptions. BlackRock and Fidelity funds lost billions. Investors who bought via ETFs sold out, adding sell pressure.
Old Bitcoin from the Mt. Gox hack is being repaid. Creditors got BTC and started selling. This flood of supply hit at the wrong time.
Bitcoin broke its 50-day moving average. Then the 200-day MA looked weak. Charts showed a ‘death cross’ – a bearish signal. Traders dumped on these signs.
Key stat: Over 100,000 BTC moved to exchanges in one day – a sign of selling intent.
Not all holders acted the same:
Leveraged traders faced liquidations. Over $1 billion in long positions got wiped. This fueled the down move.
Short term, it looks rough. Next support at $50K-$55K. If it holds, rebound possible. RSI shows oversold – a buy signal for some.
Long term, Bitcoin bulls stay strong. Halving effect lingers. Adoption grows with ETFs and nations like El Salvador.
| Level | Status | What Next? |
|---|---|---|
| $60K | Broken | Resistance now |
| $55K | Key support | Watch closely |
| $70K | Target | If rebound |
This sell-off tests weak hands. Strong holders win in the end.
If BTC holds $55K, bulls could return. A break lower means more pain to $45K.
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